30 LEXPERT
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2018
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WWW.LEXPERT.CA
Leitl, Steven H. Norton Rose Fulbright Canada LLP
(403) 267-8140 steven.leitl@nortonrosefulbright.com
Mr. Leitl's practice covers a broad range of commercial litigation matters,
with emphasis on the areas of securities, M&A, directors' & officers' liability,
class actions, regulatory proceedings and internal investigations. He has
conducted proceedings in the courts of Alberta, Ontario, Manitoba and
Canada (Federal Court), appeals in the Ontario Court of Appeal and Alberta
Court of Appeal.
Legrand, André Norton Rose Fulbright Canada LLP
(514) 847-4412 andre.legrand@nortonrosefulbright.com
Mr. Legrand's practice focuses on insurance law and professional liability.
His insurance law practice focuses on general liability insurance, directors'
and officers' liability insurance, professional liability insurance, property
insurance, cyber insurance, and representations and warranties insurance.
Lederman, Eli S. Lenczner Slaght Royce Smith Griffin LLP
(416) 865-3555 elederman@litigate.com
Mr. Lederman's practice covers a broad range of complex commercial
litigation matters, including securities, class actions, commercial contracts,
oppression and other shareholder litigation. He has appeared as lead counsel
at all levels of court, including the Supreme Court of Canada, the Court
of Appeal for Ontario and the Ontario Superior Court of Justice.
Le Vay, Paul H. Stockwoods LLP
(416) 593-2493 paullv@stockwoods.ca
Mr. Le Vay's bilingual practice focuses on commercial litigation and
arbitration, civil and regulatory securities litigation, disciplinary proceedings
and civil claims involving professionals, internal investigations and class
actions. He is a Fellow of the American College of Trial Lawyers and of the
International Academy of Trial Lawyers, as well as a Trustee of the Law
Foundation of Ontario.
Lax, QC, LSM, C. Clifford Lax O'Sullivan Lisus Gottlieb LLP
(416) 598-0988 clax@counsel-toronto.com
Mr. Lax's litigation and arbitration practice emphasizes corporate, securities,
real estate, environmental and defamation matters. He is a fellow of the ACTL
and IATL, and sits on the Commercial Panel of the International Centre for
Dispute Resolution.
Lawrie, Jill Blake, Cassels & Graydon LLP
(416) 863-3082 jill.lawrie@blakes.com
Ms. Lawrie's practice focuses on product liability matters and the defence
of class actions. She has led some of the most complex product liability
cases in Canada, and has acted for clients across industries including
medical devices, pharmaceuticals, automobiles and all manner of food
and consumer products, as well as for professional service organizations,
financial institutions and insurers.
LEXPERT-RANKED LAWYERS
Regional Council of Ontario Pension Trust Fund
v. Celestica Inc. (reported as CIBC v. Green, 2015
SCC 60) — did more than that. By enunciat-
ing a robust interpretation of the leave standard
throughout Canada and mandating a realistic re-
view of the evidence and meaningful legal analysis
that substantiated a reasonable chance of success
for a plaintiff, the SCC put an end to many courts'
tendency to rubber-stamp leave applications. "is
meant that there was suddenly much more upside
for defendants to fight leave vigorously," says An-
drea Laing in Blake, Cassels & Graydon LLP's To-
ronto office.
Plaintiffs' lawyers took note. "It has become clear
that leave is a real barrier, not a walk," says Michael
Robb in Siskinds LLP's London, Ontario office.
"So people became rightfully cautious and careful
to build cases up properly, something which is an
impediment to taking on smaller matters."
Indeed, according to NERA Economic Con-
sulting's report, "Trends in Canadian Securities
Class Actions: 2017 Update," the year saw only
six new securities class actions filed, of which four
related to the secondary market, bringing the aver-
age rate of filings from 2015 to 2017 "to about half
that of the preceding seven years." is led NERA
to conclude that the slower rate of filings was more
than a "temporary lull," but rather the "new norm."
Still, the extent to which NERA got that right
is not clear. While Canadian lawyers on both
sides of the Bar generally acknowledge the recent
slowdown and the impact of the trilogy, many cite
other factors that could spark rejuvenation in the
number of filings. ey include a turnaround from
the current bull markets to a bear scenario. "When
markets are going up, even bad news has less of an
impact on a company's stock price," Robb says. "So
in a rising market, there tend to be fewer securities
class actions."
Contrarily, however, there's been a revitaliza-
tion of the genre in the US, where NER A reports
that securities class actions saw record growth
for the third year in a row. Indeed, the 432 class
actions filed in 2017 represented an 89 per cent
increase over the last two years, a growth rate not
seen since the late 1990s. NER A's statistics indi-
"THE SCC BREATHED
LIFE INTO THE IDEA THAT
THE PLAINTIFFS MUST
INTRODUCE SOME
EVIDENCE TO SHOW
THAT THEY CAN SUCCEED
AND THAT THE COURT
MUST DO A FULL ANALYSIS
OF THAT EVIDENCE."
WENDY BERMAN; CASSELS BROCK & BLACKWELL LLP
