“Green” Light for Class Actions? Court of Appeal Overturns Sharma v. Timminco
Securities class actions have come full circle. Two years ago, a “thunderbolt” decision from the Ontario Court of Appeal barred class actions for secondary market misrepresentation under the Ontario Securities Act unless the plaintiffs won the court’s leave (that is, permission) to proceed within three years of the misrepresentation. The decision was Sharma v. Timminco, and the quote is from a defence counsel in Green v. CIBC, another secondary market securities class action. Justice Strathy was hearing Green‘s certification and leave motion when Sharma came out. He would have granted leave and certified the class, but three years had passed, so he applied Sharma and dismissed the motion. Green’s ... [more]
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