There Is A Border In Cross-Border Proceedings: NASDAQ Purchasers Excluded From Ontario Class In IMAX

Those who have been following the progress of the securities class action saga of Silver v. IMAX will be interested to note that another decision in the long-running case has been released. On March 19, Justice van Rensburg of the Ontario Superior Court held that members of a class certified in Ontario can be bound by a settlement in a related U.S. class action and therefore excluded from participating in the Ontario class proceeding. This decision is a welcome one for companies defending overlapping class actions in two different jurisdictions as it provides a means of settling in one jurisdiction and nonetheless achieving a final resolution of all claims of class members, including those comprising part of a certified class in another jurisdiction.