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CCCA_V7No4_ClassAction-FIN_CCCA 13-11-25 12:42 PM Page 27 Feature international panels on class action. Since their meeting, the two firms have collaborated on sev- “In Canada we have a similar legal system to the U.S. and so eral securities cases, including Sharma v Timminco Ltd. In that we have a chance to benefit from the experience in the U.S. and case, to the dismay of plaintiff counsel, the Ontario Court of to create class action procedures and practice that best suit our Appeal ruled in 2012 that a complaint had to commence with- needs in Canada,” she says. “It is an exciting time in which in three years of an alleged financial misrepresentation. Earlier lawyers, judges, academics... and not the least significant repre- this year, a special five-judge panel of the appeal court heard sentatives of business and industry, such as in-house counsel can appeals on several cases affected by the time-limit issue. A deci- play a real role in shaping our class actions to meet our needs.” sion, still pending, could have significant implications for the fil- The evolving picture on class action in Canada has the caught ing of securities class actions, says Spencer and others. the attention of some veteran U.S. lawyers. In 2011, Spencer took the additional step to take the neces- In 2005, after Ontario enacted Bill 198 to allow for U.S.-style sary exams to gain admission to the Ontario bar. He now divides suits by shareholders who allege company misrepresentation of his time between his New York practice and Toronto, where is he financial information, renowned New York securities class-action is counsel at Kim, Orr. lawyer Michael Spencer attended a conference in Toronto where “The U.S. is a mature system that is somewhat contracting as he met Canadian class action plaintiff lawyer Won Kim. far as securities are concerned and Canada is poised on a knife’s Spencer, a senior partner at Milberg LLP, was lead counsel in edge with respect to some fundamental doctrinal decisions that a $9.3-billion (US) damage award, since lowered, against French the courts have yet to make,” says Mr. Spencer. “That’s why media company Vivendi SA. “Mike is considered one of the top Canada is more exciting.” securities lawyers in the world,” says Kim. “It was a no-brainer for us.” Jennifer Lewington is a freelance writer based in Stratford, ON. HIVER 2013 CCCA Canadian Corporate Counsel Association 27