News & Updates: Bank of Canada


May 2008

This matter has now been set for trial for 10 days commencing June 8, 2009. The trial will take place at the courthouse at 800 Smithe Street, Vancouver. Potential class members who reside outside of British Columbia are reminded that the date for “opting in” to this class action is 60 days before trial. For more information on opting in, see Court Documents.


April 2008

Further to the entry of September 2007, the parties continue with the discovery process in preparation for trial. We expect to be able to announce the trial date in the near future.

Although preparing for trial, the parties engaged in settlement discussions before a mediator in March of this year. The Mediation was not successful in resolving this matter.


September 2007

After a class action has been certified, the Representative Plaintiff and his lawyers must move the case toward trial. Trial preparation includes “discovery”, the process through which each party learns about the case of the other parties to the lawsuit. Discovery involves the exchange, between the parties, of all documents relevant to the litigation and an opportunity for each side to question a representative the party opposite under oath. Discovery can be lengthy and takes different amounts of time in each case. As a result, trial dates are not usually set until discovery is substantially complete.
Counsel for Mr. Lieberman and the defendant are currently actively engaged in documentary discovery. This stage of the litigation may take several more months.


January 2007

The court approved document called “Notice of Certification”, which describes this class action and gives some information about it to class members has now been mailed to all potential class members whose addresses are known to the Defendant. The Notice of Certification and important related documents called the Opt In and Opt Out forms are now available on this website. Among other things, the Notice of Certification contains information about possible fees arising from this class action. More information about fees is also available on this website.

A French translation of the Notice of Certification will be posted to this website in the very near future.


December 2006

The Defendant sought leave to appeal from the decision of Mr. Justice Holmes dismissing their application to have this case heard in Quebec. In Reasons issued June 6, 2006, Madam Justice Saunders of the British Columbia Court of Appeal held that the Defendants could not appeal this decision.

The parties are now engaged in pre-trial preparations, including discoveries. No trial date has yet been set for this matter. The trial date will be posted when it is available.


January 2006

Before a lawsuit can be considered a class action, the Plaintiff has to apply to have it “certified” by the court. The certification hearing in this case was heard before Mr. Justice Davies of the British Columbia Supreme Court in November 2005.

An application by the Business Development Bank to stay this action in British Columbia and have it re-filed in Quebec was heard at the same time as the certification hearing.

On February 16, 2006, His Lordship released “Reasons for Judgement” certifying the class action for hearing in British Columbia, appointing Mr. Lieberman as the Representative Plaintiff for the class action, and dismissing the defendant’s application for a change of jurisdiction.