A secondary market class proceeding against Timminco Ltd. has been in legal purgatory since 2012, a victim of the changing jurisprudence governing the limitation period applicable to those claims. In a May 2017 decision (Timminco 2017), the Ontario Court of Appeal decided that the case could not proceed because the plaintiff investor had not commenced his motion for leave to proceed under Ontario’s Securities Act in time.
Timminco 2017 represents the last gasp of the group of proposed class actions in which the courts of Ontario – and ultimately, the Supreme Court of Canada – worked out the governing interpretation of the interplay between Ontario’s Class Proceedings Act, 1992 and Securities Act.… Continue Reading
In the recent decision of Kaynes v. BP, PLC, 2014 ONCA 580, the Ontario Court of Appeal stayed a proposed secondary market securities class action on the basis of forum non conveniens. Writing for a unanimous Court of Appeal, Sharpe J.A. found that Ontario could assume jurisdiction over claims by Canadian residents who purchased their shares on foreign exchanges. Nevertheless, he held that Ontario should decline jurisdiction on the basis that foreign courts were better positioned to decide claims arising from transactions on foreign exchanges.
Kaynes puts a damper on Ontario’s recent enthusiasm for global securities class actions. Whereas the province once seemed destined to become a “Shang-ri-la” for cross-border litigation, global claims will now be subjected to closer scrutiny as courts ponder whether the matter should be adjudicated elsewhere.… Continue Reading
On June 6, 2014, the Ontario Superior Court certified the first privacy class action based on the novel tort of “intrusion upon seclusion”, recognised in 2012 by the Ontario Court of Appeal in Jones v. Tsige.
In Evans v. Bank of Nova Scotia, the plaintiffs sued the Bank and its employee for damages through this new tort. This decision is of interest for any employer who oversee employees that have access to customers’ confidential and financial data.
Richard Wilson, Mortgage Administration Officer at the Bank, admitted he had access to highly confidential customer information that his girlfriend disseminated to third parties for fraudulent and improper purposes.… Continue Reading