After The Storm: Only CIBC And IMAX Class Actions Survive

In Ontario, the last four years have been overcast for securities class actions. The clouds lifted last week, when the Supreme Court clarified a critical limitation period by overturning the Ontario Court of Appeal's decision in Green v. CIBC, Silver v. IMAX, and Trustees of the Millwright Regional Council of Ontario Pension Trust Fund v. Celestica. We reported on that decision here. The Supreme Court's reversal made three key points about securities class actions in Ontario before July 24, 2014:

1. An action under Part XXIII.1 of the Securities Act for misrepresentation in the general (a.k.a. secondary) market for securities needed an order granting the court's leave (i.e. permission) to proceed within three years of the misrepresentation, or it was out of time.