Class Actions
|
17
Finlay, QC, Bryan
WeirFoulds LLP
(416) 947-5011
bfinlay@weirfoulds.com
Mr. Finlay, QC, is a sen-
ior trial and appellate
counsel. Mr. Finlay's
trial and appeal practice
engages complex com-
mercial, constitutional,
tort and public law
issues.
Flaherty, Patrick
Chernos Flaherty
Svonkin LLP
(416) 855-0403
pflaherty@cfscounsel.com
Practice focuses on
civil litigation, with an
emphasis on corporate/
commercial, securities,
class action defence,
arbitration, intellectual
property, information
technology and privacy.
Foran, QC, Frank R.
Borden Ladner
Gervais LLP
(403) 232-9443
fforan@blg.com
Mr. Foran's practice
emphasizes commercial
litigation and arbitration
related to energy, bank-
ing, securities, insol-
vency and construction
matters before all levels
of court and tribunals.
He is a Fellow of the
American College of
Trial Lawyers.
Finnigan, John L.
Thornton Grout
Finnigan LLP
(416) 304-0558
jfinnigan@tgf.ca
Mr. Finnigan has a
broad practice in
complex commercial
litigation with significant
experience in insolvency
and restructuring litiga-
tion. He is ranked in
the Lexpert/ALM Guide
to the Leading 500
Lawyers in Canada and
in Chambers Global
since 2011.
Fontaine, Jean
Stikeman Elliott LLP
(514) 397-3337
jfontaine@stikeman.com
Head of the Montréal
Litigation and Bankrupt-
cy, Insolvency & Re-
structuring Groups. His
practice focuses in the
areas of insolvency and
commercial litigation.
Among other clients, he
represents financial in-
stitutions, trustees and
public companies.
Forbes, Sandra A.
Davies Ward Phillips
& Vineberg LLP
(416) 863-5574
sforbes@dwpv.com
Ms. Forbes is a leading
litigator in corporate/
commercial, class ac-
tion, securities and
competition litigation.
Past president of The
Advocates' Society and
Fellow of the American
College of Trial Lawyers
and International Acad-
emy of Trial Lawyers.
get involved in shareholder class actions.
He says it's partly because the law in the area of sharehold-
er class actions is still so unsettled.
"ey're not going to get involved when the parameters
of engagement aren't defined. ese are sophisticated inves-
tors who need to make informed decisions justifiable to their
management. Aer 10 years, we have not come up with a test
on what is required for leave."
e courts have also been chilly to institutional involve-
ment, he adds. "Canadian courts have all but said sophisti-
cated investors should bring their own suits, the court has
almost deemed class actions are not for institutions. It's a
startling departure from the US.
"So you see institutions like [Ontario] Teachers active in
the US but they have yet to take a lead position here. eir
involvement could change things dramatically."
But Linda Fuerst, a partner at Norton Rose Fulbright
Canada LLP, says it would be a mistake to think share-
holder class actions as they are aren't already having an
effect. "e sky hasn't fallen in," Fuerst says, "however, I'd
say just the fact these types of claims exist has made cer-
tain events, such as a restatement of financial results, much
more financially perilous for companies, their directors and
officers, and their insurers.
"It's also made the defence of regulatory or criminal pro-
ceedings more complex as well."
As for strike suits in Canada, Michael Eizenga, partner
and head of the class action practice at Bennett Jones LLP,
says just because they haven't made headlines doesn't mean
this kind of litigation isn't being settled simply because it is a
cheaper alternative.
"From the defence perspective, there are a number of cases
that get filed and get settled where the risk to the defendant
is relatively low.
"e frustration is where you get sued in a case where you
have excellent defences and you believe you'd be successful
on the merits – the odds are you'd be successful on the mer-
its – but people on all sides are risk averse. So they come to
economic resolution."
