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ARTICLE · 07 FEBRUARY 2012

Trends In Canadian Securities Class Actions: 2011 Update - Pace Of Filings Grows, Pace Of Settlements Slows

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Securities class action filings in Canada reached their highest level to date in 2011, with 15 new filings, according to this newly released edition of NERA's study.

CanadaLitigation, Mediation & Arbitration
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By Bradley A. Heys and Mark L. Berenblut1

Introduction

In 2011 we saw 15 new securities class action cases filed in Canada—more than in any previous year. Only two cases settled during the year, leaving at least 45 active Canadian securities class actions as of 31 December 2011. These cases represent a total of approximately $24.5 billion in outstanding claims.2

Nine of the 15 new cases are so-called "Bill 198" cases, being those which include claims in respect of an issuer's continuous disclosure obligations pursuant to Part XXIII.1 of the Ontario Securities Act (OSA) and/or analogous provisions of the other provincial securities acts.

A total of 35 Bill 198 cases have been filed since these new provisions came into force at the end of 2005. Of these, 24 remain unresolved, 10 have settled, and one has been dismissed. Of the 24 currently active cases, leave to proceed has been granted in two cases. The 10 settlements have resulted in payments by

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