Article
Lessons In Suing Securities Regulators: Herner v. Mutual Fund Dealers Association And Ontario Securities Commission, 2026 ONSC 4889
A mutual fund dealing representative sued the MFDA and OSC for $47.5 million in damages, alleging intentional torts including conspiracy, abuse of process, and malicious prosecution stemming from a regulatory investigation and enforcement proceedings. The 21-day trial resulted in complete dismissal of all claims, with the court making significant findings on regulatory immunity provisions and the scope of duties owed by securities regulators to regulated persons.
Crawley MacKewn Brush LLP