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Canada: Supreme Court Of Canada Grants Leave To Appeal In Market Timing Class Action And Declines To Hear Appeal Of Wireless Service Providers In Class Action Over "System Access Fees"
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
be found
here.
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
merits.
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The Alberta Court of Queen’s Bench released a concerning decision on May 16th in Telecommunications Workers Union v Telus Communications Inc., 2013 ABQB 298.
In a recent decision, the Divisional Court of Ontario further confirmed the approach to, and difficulty with, "misclassification" overtime class-actions.
This case asked the Court to consider the unusual situation of a party to a potentially valid polygamous marriage (performed in Pakistan) asking for a divorce from her husband. Initially, the Court of Queen’s Bench declined to hear evidence from either party on the basis that Ms. Azam had admitted in her pleadings that Mr. Jan was married at the time of their marriage in Pakistan, and thus the marriage was void.
Top 5 Civil Appeals From The Court Of Appeal (April 2013) – Video Companion
