On January 10-12, 2022, Justice Akbarali heard the plaintiffs’ certification motion and application for leave to proceed under Part XXIII.1 of the Securities Act. In a decision dated March 11, 2022, Justice Akbarali dismissed both motions. On September 13, 2022, Justice Akbarali discontinued the proceeding and approved the plaintiffs’ proposed notices of discontinuance. These are available below:

Notice of Discontinuance [English] [Francais]
Discontinuance/Notice Order 
Certification and Leave Reasons

What is a class action?

A class action is a lawsuit that is brought by one or more person on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.

What does “certification” mean?

Certification (referred to as “authorization” in Quebec) is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).

Do I have to pay anything to participate in the class action?

Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.

Can I join the class action?

Since this class action has been discontinued, it is no longer possible to join it.

Can I exclude myself from the class action?

No. Since this class action has been discontinued, it is no longer possible to join and therefore opt out.

I still have a question. Who should I contact?

If you have any other questions, please complete the contact form below.

Order of Justice Glustein dated February 7, 2020 - Discontinuance of O'Brien Action