Milberg LLP is expected to become active in the Canadian securities class actions in the near future, and will team up with Toronto class action firm Kim Orr on a case to be filed this week. Kim Orr’s Won Kim told the Financial Post that his firm has “done a deal with Milberg that involves reciprocity of information and work product sharing, and we expect to have our first case issued this week.” The Financial Post speculated that the case could relate to the Madoff scandal, but Kim declined to provide any details.
In an article back in March 2009, the Globe and Mail reported that Milberg was turning its attention to the Canadian market, and had begun working with Kim Orr. “I’ve developed an appreciation that Canadian law has been getting as good as or better than US law at protecting investors’ rights,” said Michael Spencer, a member of Milberg’s executive committee. “So we’ve been quietly monitoring the situation and we think there are some interesting prospects that have come up.”
In that article, Kim was quoted as saying that
“Canadian investors haven’t been particularly well served over the years when it comes to market misconduct,” he says. “Bill 198 is a tool that can be used to change that and Milberg can help enormously in terms of experience and advice, not to mention resources and infrastructure. They’ve done these kinds of suits for decades.
They’re the pre-eminent securities firm in the United States. What they bring to the table is invaluable.”