On Thursday, the Supreme Court of Canada granted leave to appeal the Court of
Appeal for Ontario's decision in Fischer v. IG Investment
Management which upheld certification of a class
action alleging that the defendant mutual fund managers permitted
securities market conduct called "market timing" in
certain of the mutual funds that they managed resulting in hundreds
of millions of dollars in losses to long-term investors. Even
though the defendants had entered into settlement agreements with
the Ontario Securities Commission (OSC) in which they paid $205.6
million to aggrieved investors prior to the commencement of the
class action, the Court of Appeal held that capital markets
participants that settle complaints with the OSC may still be
subject to class action lawsuits because regulatory proceedings may
not be the preferable procedure for resolving the issues of
investors. Our blog post on the Court of Appeal decision can
While leave to appeal the market timing case was granted, the
Supreme Court declined to hear the appeal of
wireless service providers from the Court of Appeal for
Saskatchewan's decision in Microcell Communications Inc. v.
Frey which upheld certification of a class action
for unjust enrichment to recover fees described as "system
access fees", "system administration fees",
"licence administration fees" or "system licence
administration fees" alleged to have been wrongfully
collected. The class action seeks several billion dollars in
compensation for class members over a period of approximately 20
years. Leave having been denied by the Supreme Court of
Canada, the case can now go forward for determination on its
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It's not often that our little blog intersects with such titanic struggles as the U.S. presidential race – and by using the term "titanic" I certainly don't mean to suggest that anything disastrous is in the future.
J.J. v. C.C., is an interesting case in which the court held that an automotive garage owes a duty to minor children to secure the vehicles on the premises by locking the cars and safely storing the car keys...
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