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ARTICLE · 07 MAY 2013

Silver v. IMAX – You Can’t Have Your Cake and Eat it Too

Lerners LLP
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In the latest instalment of Canada’s first global securities class action, Justice van Rensburg ordered that the class definition be amended to exclude all of those individuals who did not opt out of a settlement agreement in parallel US proceedings.

CanadaLitigation, Mediation & Arbitration
Brian Radnoff
Brian Radnoff
Rebecca Case
Rebecca Case
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Originally published March 19th, 2013

In the latest instalment of Canada's first global securities class action, Justice van Rensburg ordered that the class definition be amended to exclude all of those individuals who did not opt out of a settlement agreement in parallel US proceedings.

Silver v. IMAX has involved several new considerations in securities class actions, as discussed in our previous blog postings Considering Notice in the Unusual Circumstances of Silver v. IMAX and The Unusual Circumstances of Silver v. IMAX - When The Representative Plaintiff From a Parallel Proceeding Moves to Participate. The Canadian class definition included all individuals who had purchased shares of IMAX on the NASDAQ and TSX, irrespective of where they live. The US proceeding included only those individuals that had purchased on the NASDAQ. While the proceedings were not co-extensive, there are individuals who purchased shares on the NASDAQ during the time period covered

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