Boeing and Securities Class Certification: Trends in the United States and Canada

On July 20, 2026, a United States appeals court unanimously overturned certification of a securities class action against The Boeing Company (Boeing), holding that plaintiffs must establish a workable, class-wide methodology for calculating damages at the certification stage. Boeing underscores that class certification is a meaningful screening mechanism, not a rubber stamp — a message that could resonate with Canadian courts confronting similar issues.

The Fourth Circuit’s Decision in Boeing

In the proposed class action, the plaintiffs claimed that Boeing misrepresented its commitment to safety following two incidents involving Boeing’s 737 MAX aircraft. The plaintiffs alleged that safety misrepresentations inflated the price of Boeing’s stock over a three-year period. In moving for certification, the plaintiffs submitted an expert report that described a generic “out-of-pocket” measure of damages and did not commit to a specific methodology for the calculation of the alleged