Securities Class Action Certified: First Of Its Kind In Ontario

Silver v. IMAX Corporation et al. [2009] O.J. Nos. 5573 and 5585 (S.C.J.)

On December 14, 2009, Justice van Rensburg of the Ontario Superior Court of Justice handed down two related rulings in the Silver v. IMAX Corporation litigation. The first (the "Leave Decision (http://www.canlii.org/en/on/onsc/doc/2009/2009canlii72342/2009canlii72342.html) ") granted the plaintiffs leave to proceed with their class action against IMAX Corporation and certain individual respondents (collectively, the "IMAX Defendants") under section 138.8 of Ontario's Securities Act (http://www.canlii.org/en/on/laws/stat/rso-1990-c-s5/latest/rso-1990-c-s5.html) ("OSA"), while the second (the "Certification Decision (http://www.canlii.org/en/on/onsc/doc/2009/2009canlii72334/2009canlii72334.html) ") certified the action, including both statutory and common law claims, as a class proceeding.