Canadian litigation trends

Readers undoubtedly are familiar with ISS Securities Class Action Services’ annual report on the Top 100 Securities Class Action Settlements, focusing on the largest U.S. securities lawsuit settlements. The most recent Top 100 report is discussed here. ISS Securities Class Action Services has now published a list of the largest Canadian securities class action lawsuit settlements. The Canadian report, which is entitled “The Top 25 Canadian Class Action Settlements of All-Time,” reflects a number of interesting findings, and can be found here.
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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