Wendy Berman

This decision concerns the approval of a settlement and a plan of allocation in a securities class action, along with class counsel's fees and disbursements.

The plaintiff sought approval for a US$3 million settlement with the Gatos Defendants and Electrum Group entities, following an earlier settlement with the Tetra Tech Defendants.

The court found the Gatos Settlement to be fair, reasonable, and in the best interests of the class, noting it was reached through arm's length negotiations and recovered a significant portion of estimated damages despite litigation risks.

Class counsel's requested fees (25% contingency) and disbursements were also approved as fair and reasonable, considering the complexity and risks of the multi-stage litigation.

This is a securities class action where the Plaintiff sought approval of a settlement with the Tetra Tech Defendants and pre-settlement orders for a proposed settlement with the Gatos Defendants.

The court approved the C$1,000,000 settlement with the Tetra Tech Defendants, finding it fair, reasonable, and in the best interests of the class.

For the Gatos Defendants, the court granted leave to proceed under section 138.8 of the Securities Act, certified the action as a class proceeding for settlement purposes, and approved the proposed notice plan and ancillary orders, paving the way for a future US$3,000,000 settlement approval motion.

In a securities class action, the plaintiff sought multiple orders in advance of a settlement approval motion.

The plaintiff requested leave to proceed against Tetra Tech, Inc. under the Securities Act, leave to discontinue common law negligence and negligent misrepresentation claims against Tetra Tech, and certification of the action as a class proceeding against Tetra Tech for settlement purposes.

Additionally, the plaintiff sought approval to discontinue the action against the Underwriter Defendants based on a Standstill and Tolling Agreement.

The court granted all requested orders, finding that the criteria for leave and certification were met and that the discontinuance against the Underwriter Defendants would not prejudice the class.

The plaintiffs brought a motion to certify a class action for settlement purposes against a group of defendant banks in a proceeding alleging a conspiracy to fix prices in the foreign exchange market.

The settling defendants agreed to pay $250,000.

The court found that the criteria for certification under section 5 of the Class Proceedings Act, 1992 were met and approved the settlement agreement, the notices, and the plan of dissemination.

The plaintiffs brought a motion to certify a class action against several banks for allegedly conspiring to fix prices in the foreign exchange market.

The court found that the plaintiffs satisfied the five criteria for certification under the Class Proceedings Act, 1992, but modified the class definition to exclude indirect purchasers (investors) and direct purchasers who transacted with non-defendant banks.

The court certified the action for direct purchasers who transacted with the defendant banks.

The plaintiffs, trustees of a pension fund, commenced a class action in Ontario and a similar one in Federal Court.

Settlements were reached with some defendants in the Federal Court action.

The plaintiffs sought court approval to discontinue the Ontario action, with prejudice and without costs, in favour of the Federal Court proceedings.

The court granted the motion, finding no prejudice to putative class members as their claims would continue in the Federal Court, and that discontinuing the Ontario action would avoid a multiplicity of proceedings.

This endorsement outlines an agreed-upon procedural timetable for a motion in a class proceeding.

It sets deadlines for the exchange of motion records, completion of cross-examinations, delivery of facta, and schedules the hearing dates for September 2020.

The individual defendants, former directors and officers of Old Noranco, brought a motion seeking advancement of legal expenses from the plaintiff (successor to Old Noranco and the purchaser) to defend against claims of misrepresentation in financial statements and a crossclaim by BDO Canada LLP.

The court determined that the claims, despite being framed against them as shareholders, implicated their fiduciary capacities, thus triggering indemnification rights.

The plaintiff failed to establish a "strong prima facie" case of bad faith against one defendant, Kelly Clinton, which would have disentitled him to funding.

The court also ruled that the existence of third-party funding did not preclude the individual defendants from recovering their legal expenses.

The motion for advancement of legal expenses was granted.

This is a costs endorsement following the release of reasons in an appeal.

The respondents advised that the court had misapprehended the appellants' oral costs submissions regarding quantum.

The parties were permitted to provide further written submissions on the costs issue.

The court affirmed its costs order for the appeal but altered the costs of the motion below, reducing the amounts payable by Bank of Montreal and Toronto Dominion Bank.

The appellants sought to add Toronto Dominion Bank and Bank of Montreal as defendants to an existing class action alleging a secret conspiracy to manipulate the foreign exchange market.

The motion judge dismissed the motion on the basis that the claim against the respondents was statute-barred under the Limitations Act, 2002.

The Court of Appeal allowed the appeal, finding that the motion judge erred by establishing too high an evidentiary threshold and by finding that the respondents' identities could have been discovered with reasonable diligence without proper evidentiary foundation.

The court held that the appellants provided a reasonable explanation for why they could not have identified the respondents before the limitation period expired, and that the issue of due diligence should be determined on a summary judgment motion or at trial.

The plaintiff sought leave to bring a statutory misrepresentation class action under Part XXIII.1 of the Securities Act against MDC Partners Inc. and its former executives.

The plaintiff alleged that the defendants made material misrepresentations by failing to disclose an SEC subpoena, an internal investigation into executive expenses, and other accounting issues.

The court dismissed the motion for leave, finding that none of the alleged omissions or misstatements were material facts that would have significantly altered the total mix of information available to a reasonable investor, particularly given that the company's auditors never withdrew their clean audit opinions or required a restatement of financial statements.

The plaintiff, a non-golfing shareholder, brought a motion to certify a class action alleging oppression against North Halton Golf and Country Club Limited.

The defendant brought a cross-motion for summary judgment, arguing the claim was time-barred.

The court dismissed the defendant's summary judgment motion, finding that recent share pricing decisions constituted discrete acts of oppression within the limitation period.

The court granted the plaintiff's motion for certification, confirming that a class proceeding can be used for oppression remedies and that the commonality requirement was met despite differing individual expectations regarding remedies.

In a contested shareholder proxy fight arising from a requisitioned special meeting, the applicants sought court supervision over meeting procedures under the Business Corporations Act, including appointment of an independent chair and invalidation of the management proxy form.

The court held that an independent chair would not be imposed absent evidence of demonstrated impropriety or a likelihood the proposed chair would act unfairly, and speculation about associations with incumbent management was insufficient.

The court also declined to invalidate the current proxy, finding it reflected the requisitioned resolutions, did not conflict with the governing statute or securities requirements, and better avoided voter confusion.

Issues relating to compliance of the dissident slate with the corporation's by-laws and proxy inspection logistics were left to be addressed in context if necessary after the meeting.

The appellant appealed an order of the Superior Court of Justice regarding the interpretation of an agreement.

The Court of Appeal dismissed the appeal, agreeing with the application judge's analysis that Sections 8 and 2 of the agreement must be read together.

The court found the application judge's reasoning sufficient to dispose of the interpretative issue in favour of the respondents.