ARTICLE · 11 DECEMBER 2015

SCC Releases Decision In Securities Class Action Trilogy

McLennan Ross LLP

On December 4, 2015, the Supreme Court of Canada issued its highly anticipated decision in CIBC v. Green, IMAX v. Silver and Celestica v. Trustees of the Millwright Regional Council of Ontario Pension Trust Fund et al.

CanadaCorporate/Commercial Law

McLennan Ross LLP

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On December 4, 2015, the Supreme Court of Canada issued its highly anticipated decision in CIBC v. Green ("CIBC"), IMAX v. Silver ("IMAX") and Celestica v. Trustees of the Millwright Regional Council of Ontario Pension Trust Fund et al. ("Celestica").

This trilogy addresses important issues for those involved in securities class actions, including the application of the 3-year limitation period under the Ontario Securities Act ("OSA"), the threshold test for leave to proceed under the OSA, and the certification of common law misrepresentation claims.

Limitation Period under the OSA and Nunc Pro Tunc Orders

A significant portion of the Supreme Court's decision was spent addressing how the limitation period under section 138.14 of the OSA ought to be applied. However, in July 2014, the OSA was amended such that filing a notice of motion for leave under section 138.8 is sufficient to "stop the clock" on the limitation period.

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SCC Releases Decision In Securities Class Action Trilogy

Limitation Period under the OSA and Nunc Pro Tunc Orders

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