The Alberta Court of Appeal (ABCA) recently upheld a motion’s judge’s refusal to certify a class action against the dealer in respect of its clients’ investments in a speculative stock. The plaintiffs attempted to advance a novel “share depreciation theory”.

The ABCA agreed with the certifications judge that the appellants did not make out that they could establish a workable methodology to demonstrate sufficient common issues amongst the class. The ABCA also agreed with the certification judge’s finding that while a certification judge must offer a “generous approach to the pleadings”, it is not up to the court to fill in numerous gaps in the plaintiffs’ case and have the court perform the role of counsel in re-defining the class.

A full summary of the decision can be found here and a link to the decision can be found here.