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The court approved the consent dismissal of a proposed securities class action that lacked economic justification.
The plaintiff, MM Fund, sought to dismiss its proposed securities class action against Excelsior Mining Corp. and its directors with prejudice and without costs.
The action, initially filed in British Columbia and then Ontario to preserve limitation periods, alleged misrepresentation in Excelsior's prospectus.
Citing prolonged procedural disputes, increased costs, and the absence of a substitute plaintiff, the plaintiff deemed the action no longer economically justified.
The court approved the dismissal, finding it warranted given the circumstances and the plaintiff's desire to cease pursuit.
Timetable set for securities class action leave and certification motion.
The court held an initial case conference and issued a timetable on consent for the plaintiff's upcoming motion for leave under Part XXIII.1 of the Securities Act and certification under section 5(1) of the Class Proceedings Act.
