Can a fraud on the market theory replace the inquiry into individual reliance in the secondary market context?

Ontario, Canada

The following excerpt is from Green v. Canadian Imperial Bank of Commerce, 2014 ONCA 90 (CanLII):

In Green v. CIBC, Strathy J. concluded that the issues of individual reliance were not suitable for certification on any basis. Nor could the issues of individual reliance be supplanted by an inference of group reliance in the secondary market context. He supported that conclusion by observing that there was no authority for the use of the “fraud on the market” theory to supplant the inquiry into individual reliance in the secondary market context.

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