Canadian class action litigation

canadian flagAs I have previously detailed (here), 2016 was a record year for securities class action litigation in the U.S. The number of class action lawsuits filed in Canada more than doubled in 2016 compared to the year before, but the filing pace during the year was still below the pace during the period from 2010 to 2014, according to a new report from NERA Economic Consulting. The February 22, 2017 report, entitled “Trends in Canadian Securities Class Actions: 2016 Update,” which sets out a comprehensive overview of Canadian securities class action filing and case resolution trends, can be found here. NERA’s February 22, 2017 press release about the report can be found here.
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can flag 2A number of countries have procedural mechanisms allowing groups of aggrieved parties to pursue their legal claims in the form of a collective action. While no other country has a class action mechanism quite like that of the United States, another country that also has well-developed class action mechanisms is Canada. However, unlike the United

Shareholder claimants seeking to pursue a misrepresentation claim under the Ontario Securities Act must obtain leave of court to proceed based on a statutory requirement that the plaintiff must show a “reasonable possibility that the action will be resolved at trial in favor of the plaintiff.” Ontario’s courts agree that this requirement sets a “low

2012 was “another brisk year of class action activity” in Canada, according to a recent memorandum from the Osler Hoskin & Harcourt law firm entitled “Class Actions in Canada 2012” (here). There were a number of significant class action developments in Canada in 2012, including the “landmark” $117 million E&Y settlement in the