The Supreme Court of Canada today dismissed the application for leave to appeal from the Court of Appeal in Sharma v. Timminco et al. securities class action. In its landmark decision, the Court of Appeal accepted the arguments advanced by Xaidsart lawyers Paul Le Vay, Brendan van Niejenhuis and Fredrick Schumann concerning the interpretation of the time limitation provisions in the Securities Act, which apply to “secondary market” class actions. The Court of Appeal held that plaintiffs are required to not only seek, but obtain leave of the Court to proceed with such class actions within three years of the alleged wrongful misrepresentation, agreeing that the strict time limitation was intended by the Legislature in creating a new remedy that did not require plaintiffs to demonstrate individual reliance on such misrepresentations.
Xaidsart represents Photon Consulting Inc. and related defendants in the ongoing class proceeding, which relates to statements made concerning the silicon purification processes used by Timminco Inc.
