On December 15, 2005 the Ontario Court of Appeal overturned a class action judgment against Danier Leather Inc. and certain of its directors and officers. The Court's decision contains a number of significant observations concerning the disclosure obligations of issuers. The Court also reaffirmed the business judgment rule, noting that directors and officers are required to make reasonable business decisions, but will not be held to a standard of perfection. Published in the December 2005 edition of Securities Watch.