26 | Securities Enforcement
Lussier, AdE, Sylvain
Osler, Hoskin &
Harcourt LLP
(514) 904-5377
slussier@osler.com
Mr. Lussier focuses
on commercial,
administrative,
constitutional and class-
action litigation, with an
emphasis on Native law
issues. He appears before
courts, commissions
and boards. He teaches
administrative law and is
a frequent author.
MacKewn, Melissa J.
Crawley MacKewn
Brush LLP
(416) 217-0840
mmackewn@cmblaw.ca
Ms. MacKewn, a
former OSC prosecutor,
advises on securities
regulatory proceedings,
and corporate and
securities-related
litigation, including
secondary market class
actions, corporate and
shareholder disputes,
proxy battles and
corporate governance.
Mark, Alan H.
Goodmans LLP
(416) 597-4264
amark@goodmans.ca
Mr. Mark focuses on
corporate/commercial
litigation including
governance, securities,
fi nancial services
and restructuring
matters; class actions
including securities,
product liability and
environmental claims;
and electricity law
and regulation.
MacGregor, Ian
Osler, Hoskin &
Harcourt LLP
(613) 787-1120
imacgregor@osler.com
Mr. MacGregor, a former
Assistant Deputy
Attorney General of Tax
Law Services for Justice
Canada, focuses on tax
litigation and dispute
resolution. He appears
before all levels of court
and teaches at the
University of Ottawa
Law School.
Maidment, Scott
McMillan LLP
(416) 865-7911
scott.maidment@
mcmillan.ca
Mr. Maidment is
recognized for his
expertise in defending
pharmaceutical class
actions. He has been
described as a "quite
brilliant strategist" who
"stands out for his class-
action work."
Martineau, Yves
Stikeman Elliott LLP
(514) 397-3380
ymartineau@
stikeman.com
Mr. Martineau is an
expert in class actions,
defending manufacturers,
banks and publicly traded
companies. He deals with
every aspect of litigation,
with focus on commercial
disputes, product liability,
securities and consumer
law.
LEXPERT®Ranked Lawyers
claims the bank had misled investors in
a mortgage security.
He called the proposed $95-million
penalty "pocket change" for a company
Citibank's size, and rebuked the US
Securities and Exchange Commission
for allowing the bank to settle without
admitting wrongdoing, saying the deal
was "neither fair, nor reasonable, nor ad-
equate, nor in the public interest."
He also criticized the boilerplate
language used for 40 years, which says
the company neither admits nor denies
guilt, as "hallowed by history, but not
by reason."
e OSC introduced its own regime
of no-contest settlements right in the
middle of all the hubbub.
Staff acknowledged they had stud-
ied Judge Rakoff 's decision, and even
published a paper highlighting key
diff erences between the OSC and the
SEC settlement regimes. ey argued
the facts underpinning a settlement
order is more transparent to the On-
tario tribunal required to approve it
than it is to a US judge.
Ultimately, Judge Rakoff was required to approve the Citi
deal a er an appeals court called his move to block it "an abuse
of discretion." He did so in August with clear reluctance.
But Ontario has opened itself up to no-contest settle-
ments at a time the SEC is backing away from them, says
Dimitri Lascaris, leader of the securities class actions group
at Siskinds LLP.
Lascaris, a plaintiff s' lawyer, says he doesn't buy the OSC's
rationale it needs no-contest settlements to speed up the
load of investigations and prosecutions, allowing enforce-
ment to concentrate on the most serious cases.
"What is the point of getting to a mediocre outcome
more quickly?" he says. "Speed is not the be all and the
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