Time To Leave: Supreme Court To Determine Securities Class Action Limitation Period
The Supreme Court of Canada has granted leave to appeal in a case that will determine how to apply the statutory limitation period for investors in Ontario who decide to sue public issuers and their executives under the Securities Act. Given similar legislation in other provinces, the case will be significant for investors and public issuers across Canada.
At issue is the February 2014 decision of a 5-member panel of the Ontario Court of Appeal covering three cases with different fact situations: Green v. CIBC, 2012 ONSC 3637; Silver v. IMAX, 2012 ONSC 4881; and Millwright Regional Council of Ontario Pension Trust Fund (Trustees of) v. Celestica Inc., 2012 ONSC 6083...
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