SCC Grants Leave In Class Action Trilogy

On August 7, 2014, the Supreme Court of Canada granted leave in three securities class actions: Canadian Imperial Bank of Commerce et al. v. Howard Green et al., IMAX Corporation et al. v. Marvin Neil Silver et al. and Celestica Inc. et al. v. Trustees of the Millwright Regional Council of Ontario Pension Trust Fund et al. All three appeals will be heard together.

These three cases raise the question of how the three-year limitation period under Ontario's Securities Act should be applied.

Prior to the release of the Ontario Court of Appeal's decision in Green v. CIBC, the consequence of failing to seek leave before the limitation period expired was dictated by the Ontario Court of Appeal's decision in Sharma v. Timminco Limited.