"Thinking Outside the Box - Using the Companies’ Creditors Arrangement Act to Resolve a Prospective Class Action"

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Originally published in the Ontario Bar Association's Class Action Law Section, Volume 3, No. 1 – December 2012.

The Companies' Creditors Arrangement Act ("CCAA") has long been lauded as a flexible tool that lends itself to creative use. Justice Robert A. Blair, as he then was, in an oft quoted comment stated:

"[The CCAA] is designed to be a flexible instrument and it is that flexibility which gives the Act its efficacy.”

In this article, I will outline the steps that were taken by KPMG LLP ("KPMG"), named as a defendant in a prospective securities class action in Quebec initiated on behalf of retail investors of Olympus United Funds Corporation (“Olympus Funds”), to resolve the case by using the CCAA.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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