Bre-X shareholders win ruling

Article Abstract:

Bre-X Minerals Ltd. shareholders won a ruling from Justice Warren Winkler of Ontario Court's General Division that allows them to use the Competition Act in their lawsuit against brokerage firm Nesbitt Burns Inc. According to the shareholder suit, Nesbitt analyst Egizio Bianchini used false or misleading advertising when he promoted the sale of Bre-X shares in research reports. The ruling is the first time the Competition Act has been used against analysts who recommend purchase of shares. The suit, it it succeeds, could provide a new way for shareholders who are victims of fraud.

Comment:

Shareholders wins ruling that allows them to use the Competition Act in their lawsuit against brokerage firm Nesbitt Burns

Stockholder data, Article

---

OSC charges Bre-X geologist

Article Abstract:

The former chief geologist of Bre-X Minerals Ltd has been charged with alleged illegal trading worth C$84 million and authorization of false press releases. The Ontario Securities Commission slapped John Felderhof, who now lives in the Cayman Islands, with eight charges. However, neither Bre-X, its corporate officers or directors were included in the charge. The OSC only has to prove that the information in the press releases were misleading, and does not have to prove that Felderhof was not aware that the information was false.

---

Bre-X court ruling deals shareholders several blows

Article Abstract:

The Ontario Superior Court has allowed a class-action suit to proceed against Bre-X Minerals Ltd and its officers. The 106-page ruling also ruled out a class-action against brokeage firms, limited the number of people who can join the class acion to people who held the shares on Mar 26, 1997 and limited their claims against the company and the insiders. Shareholders must have sold their stocks after that date to qualify in the class action.

Similar abstracts:

• Abstracts: Upscale hotels in building boom. Promus Hotels deals with exodus. Hilton to separate casino, hotel units
• Abstracts: Via Rail may be split into franchises. Bertelsmann trying to take over Doubleday
• Abstracts: Galloway resigns amid bank restructuring. CT warns of slower profit growth. Royal Bank settles mortgage suit

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.