Victory for Access to Justice as Supreme Court of Canada Upholds Certification Decision in 'Market Timing' Class Action

Abstract

In a major victory for mutual fund investors, the Supreme Court of Canada has upheld a decision to certify the “market timing” class action (AIC Limited v Fischer). The decision means that securities class actions can proceed even where fines have been imposed or settlements reached in parallel regulatory proceedings by the Ontario Securities Commission (OSC). The decision has significant and positive ramifications for access to justice and has been described as “the most important class action decision this year”.

Keywords: class actions, access to justice, certification, preferability, preferable procedure, securities, investors, mutual funds