Law360 Canada ( June 6, 2025, 1:16 PM EDT) -- Appeal by appellants against the certification of a class action lawsuit brought by Canadian investors. The respondents represented the investors who purchased cryptocurrency derivative products through the appellants’ trading platform. They alleged that the appellants engaged in trading securities without registration and distributed securities without complying with prospectus requirements, violating the Ontario Securities Act (OSA) and other Canadian securities laws. The motion judge certified the class action, finding that the claim met the requirements of the Class Proceedings Act, 1992 (CPA). The appellants appealed, arguing that the motion judge erred in three main respects: finding a reasonable cause of action; identifying common issues; and consequently, the remaining certification criteria. The appellants contended that the claim did not fit within the OSA’s scheme and that the common law cause of action was not properly pleaded. They also argued that the motion judge improperly reversed the burden of proof regarding common issues and failed to consider evidence of lack of commonality among class members, particularly concerning the remedy of rescission....