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Class action

The Mouvement d’éducation et de défense des actionnaires (“MÉDAC”) leads a class action against Laurentian Bank of Canada (the “Bank”), its former officers François Desjardins and François Laurin as well as TD Securities Inc., BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Laurentian Bank Securities Inc., CIBC World Markets Inc., National Bank Financial Inc., Desjardins Securities Inc., Scotia Capital Inc., Canaccord Genuity Corp., Cormark Securities Inc., Barclays Capital Canada Inc. and Ernst & Young LLP (collectively with the Bank, the “Defendants”). The MÉDAC alleges that the Defendants failed to comply with their obligations, notably under Québec’s Securities Act and the Civil code of Québec, by omitting to disclose material facts and by publishing documents which contain misrepresentations regarding the Bank’s securitization activities, its quality control functions as well as its underwriting procedures.

As a result of the Defendants’ faults, the members of the proposed class acquired the Bank’s securities at artificially inflated prices that did not reflect their true value. Following the disclosures of the omitted and/or misrepresented facts, the value of the Bank’s securities plummeted, causing significant damages to all members of the proposed class. The proposed class action seeks a judgment ordering the Defendants to pay damages to each member of the proposed class.

Who is a member of this class action?

You are member of the class if you purchased on or more securities of the Laurentian Bank of Canada on a primary or secondary market between May 18, 2017 and September 3, 2018 inclusive and held all or part of these securities between December 5, 2017 and September 4, 2018..

What is the status of this class action?

On June 9, 2020, the MÉDAC filed an Application for Authorization to Institute a Class Action and to Institute an Action for Damages Under Section 225.4 of Québec’s Securities Act before the Superior Court of Québec. 

The class action is currently at the authorization stage.

How can i stay informed of the upcoming steps in the case?

If you are a member of the proposed class, we invite you to register to our mailing list. This way, we can communicate with you as soon as important developments occur in the file.

For more information, you can also contact Belleau Lapointe directly.


Pleading and judgments


Chronology

June 9, 2020

Filing of the Application for Authorization to Institute a Class Action and to Institute an Action for Damages Under Section 225.4 of Québec’s Securities Act

October 13, 2020

Filing of the De Bene Esse Application for Leave to Amend the Application for Authorization to Institute a Class Action

October 23, 2020

Judgment authorizing the de bene esse application for leave to amend

April 13, 2021

Filing of a second De Bene Esse Application for Leave to Amend the Application for Authorization to Institute a Class Action.