What impact will the Timminco decision have on the securities class action bar?

When the decision in Timminco was released on February 16, 2012, the result came as a great surprise to the securities class action bar. Strathy J. observed in Green v. CIBC at para. 475 that: “Counsel for the individual defendants aptly described the decision, at that time, as a ‘thunderbolt’”. The immediate effect of the court’s decision was that the statutory claims in a number of cases were either statute-barred – as in the cases now before the court – or would likely become statute-barred before the three-year limitation period expired.