Stockwoods lawyers Paul Le Vay, Brendan van Niejenhuis and Fredrick Schumann successfully acted for the appellants Photon Consulting LLC and related parties before the Ontario Court of Appeal in a major decision affecting securities class actions. The Court held that, properly interpreted, the Securities Act provisions permitting class action plaintiffs to pursue secondary market liability claims required that the plaintiffs successfully obtain leave to proceed within three years of the alleged misrepresentation. In doing so, it rejected the conclusion of the Court below that class action legislation permitted an exception to this rule. The case has attracted considerable media interest due to its potential impact on a significant number of other securities class actions.
