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ARTICLE · 16 MAY 2012

Motion To Lift Timminco Stay Of Proceedings Denied

Stikeman Elliott LLP
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In the CCAA proceeding of Timminco Limited, on April 27, 2012, Justice Morawetz of the Ontario Superior Court of Justice denied, for the time being, a motion brought by the plaintiff in the securities class action Pennyfeather v. Timminco Limited to lift the stay of proceedings against Timminco and the other defendants to allow the class action to continue.

CanadaLitigation, Mediation & Arbitration
The Class Actions Group
The Class Actions Group
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In the CCAA proceeding of Timminco Limited, on April 27, 2012, Justice Morawetz of the Ontario Superior Court of Justice denied, for the time being, a motion brought by the plaintiff in the securities class action Pennyfeather v. Timminco Limited to lift the stay of proceedings against Timminco and the other defendants to allow the class action to continue.

Timminco consented to a partial lifting of the stay to allow the plaintiff to apply to the Supreme Court of Canada for leave to appeal a recent decision of the Court of Appeal for Ontario relating to limitation period issues under Part XXIII.1 of the OntarioSecurities Act.

The plaintiff, however, sought a full lifting of the stay to allow him to proceed with further steps in the class action, including motions for certification and leave to bring the Part XXIII.1 action. The plaintiff contended that there would be no prejudice to lifting the stay because the plaintiff would limit his potential recovery to

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