Key Issue:
- Carriage Motion: Deciding which law firm will lead the securities class action for efficiency and effectiveness under Section 13.1(2) and 13.1(4) of the Class Proceedings Act, 1992 (CPA).
Criteria for Carriage Decision:
- Funding of Proceedings:
- SSS (Strosberg Sasso Sutts LLP) has a third-party funding agreement covering expenses and indemnifying the plaintiff.
- BMC (Berger Montague Canada PC) opts for self-funding, backed by its financial depth and track record.
- Expertise and Experience of Lawyers:
- Both firms are equally competent with significant experience in securities class actions.
- Likelihood of Success:
- Both actions arise from the same event: the landslide at SSR's Çöpler Mine in Turkey, focusing on alleged misrepresentations by SSR.
- Differences in legal approaches and pleadings are minor and do not substantially impact the likelihood of success.
- Stage of Development:
- SSS initiated the Liang action earlier and is more advanced, having retained experts and developed resources, while BMC is still in early stages.
Decision:
- Carriage Granted to Liang Action: SSS will lead due to their advanced preparation and investment.
- Jones Action Stayed: Pending resolution of the Liang action.
Conclusion: Justice Morgan ruled in favor of SSS, granting them carriage of the class action based on their preparedness and development of the case.
No specific monetary award, costs, or damages were granted.
