Insider trading ruling highlights differences between Quebec and the rest of Canada

ruling that dismissed allegations that a former chief executive officer improperly profited from inside trading nearly a decade ago provides guidance over allegations of insider trading, clarifies insider trading rules applicable to corporate officers, and sheds light on the meaning of privileged information under the Quebec Securities Act (Act).

“It’s an important decision in the sense that it is one of the only, if not the only case in Quebec, where there is a judgment following a civil action based on an allegation of insider trading,” noted Raynold Langlois, who successfully defended Claude Chagnon against an action seeking damages of more than $23 million brought by Quebecor Media Inc. and Vidéotron Group Ltd.

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This story was originally published in The Lawyers Weekly.

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