The Ontario Court of Appeal found that a class action for misrepresentation in secondary market disclosure under  s. 138.3 of the Securities Act is only barred if the Statement of Claim is not issued within three years of the misrepresentation. This decision reversed the Ontario Court of Appeal’s earlier decision in Sharma v. Timminco, which found that a class plaintiff must obtain leave for the action under s. 138.8 within three years of the misrepresentation. (A summary of the decision, Green v. Canadian Imperial Bank of Commerce2014 ONCA 90, is provided here).