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ARTICLE · 17 MAY 2012

Uncommonly Individual "Common Issue" Certified

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Can a common issue really be "common" when its resolution requires an individual investigation vis-a-vis every class member in a class action? This is the question we are left with following the certification of "French and Karas v Smith and Stephenson" as a class proceeding.

CanadaLitigation, Mediation & Arbitration
McMillan LLP
McMillan LLP
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Can a common issue really be "common" when its resolution requires an individual investigation vis-a-vis every class member in a class action? This is the question we are left with following the certification of French and Karas v Smith and Stephenson1 as a class proceeding.

The action

The named defendants in this matter were two registered investment advisors, Karas and Stephenson, their registered dealer and related companies.

The plaintiff class was comprised of investor clients of Karas and Stephenson and individuals who participated in what the plaintiffs called the "Leveraging Scheme."

The Leveraging Scheme was an investment strategy. Under the Leveraging Scheme, investors borrowed money that they then invested in mutual funds or segregated funds.

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