March 6, 2012
The court has scheduled four motions in this action, all of which will take place in 2012:
- On March 22, 2012, the court will hear a motion to determine whether the defendants are required to deliver a statement of defence before the certification motion and for the defendants to produce information about available insurance.
- On April 17, 2012, the court will hear a motion to determine whether to approve a funding agreement between the plaintiffs and Claims Funding International (CFI). The funding agreement essentially provides that CFI will indemnify the plaintiffs for any costs awards made against them in the action.
- On November 21-30, 2012, the court will hear motions for certification and for leave under the Ontario Securities Act. A certification motion is necessary for every class action in Ontario and involves the court’s consideration of whether, from a procedural prospective, the case is appropriate to continue as a class action. The motion for leave involves a preliminary review of the merits of this action for the purposes of advancing certain claims that are provided for in the Ontario Securities Act.
There will be updates following the results of each motion.