Celestica Inc., a global leader in the delivery of end-to-end product lifecycle solutions, was successful before the Supreme Court of Canada in Trustees of the Millwright Regional Council of Ontario Pension Trust Fund v. Celestica Inc. et al., a decision released on December 4, 2015. In deciding on a trilogy of cases that argued similar issues, the SCC allowed Celestica’s appeal and upheld the limitation period for bringing a statutory secondary-market securities class action. The plaintiffs’ claim against Celestica was held to be statute-barred. This decision makes several important observations relating to the interplay between the Ontario Securities Act and the Class Proceedings Act.
Blake, Cassels & Graydon LLP acted as litigation counsel to Celestica. The team from Blakes was composed of Nigel Campbell, Andrea Laing, Ryan Morris, Kiran Patel and Sarah Emery.
The plaintiffs in the case were represented by Kirk Baert, Celeste Poltak and Garth Myers of Koskie Minsky LLP.