If U.S. retreats on securities class actions, Canada stands ready to fill in the gaps
"Securities class action lawyers on both sides of the border are anxiously awaiting the United States Supreme Court's ruling in a case called Erica P. John Fund Inc. v. Halliburton Co.
A decision, which could emerge any day, will confirm whether the "fraud on the market" theory remains good law in the U.S. The theory has been the underpinning for the U.S. securities class action business for more than 25 years. It would be a huge upset for the plaintiffs bar if the court overturned the U.S. common law..."