Class Action Proceedings Not Authorised Against Financial Market Participants: It's Not Because It Is Complicated That The Threshold Is Lower

On January 13, 2016, Justice Claude Dallaire dismissed Petitioner's request to obtain the authorization to exercise a class action against 3 different entities of the Desjardins Group.

Petitioner's claim was related to the distribution and management of structured products akin to principal protected notes ("PPNs"), from 2002 to the fall of 2008. The PPNs' in question were linked notably to hedge funds. In the fall of 2008, in the midst of the global financial crisis, the PPN holders were informed that these would not provide any return  for the rest of their terms, which varied from 3 to 7 years. In light of this, Petitioner sought compensatory damages equivalent to the alleged loss of return on his investment, in addition to punitive damages.