Kerr v. Danier LeatherPosted March 4, 2016
(2007) 286 D.L.R. (4th) 601 (S.C.C.); This was the first class action for prospectus misrepresentation in Canada. Lerners took this case through trial and two levels of appeal. The Supreme Court of Canada was called on to determine the scope of the statutory cause of action for misrepresentation in a prospectus, and whether courts should defer to management’s judgment when assessing whether management has met its regulatory obligations under the Securities Act (Ontario).