Siskinds LLP and Bates Barristers P.C. have filed proposed class actions against TD Asset Management Inc. and 1832 Asset Management L.P. regarding trailing commissions they paid to discount brokers on mutual funds under their management. TD Asset Management Inc. is the trustee and manager of the TD mutual funds. 1832 Asset Management L.P. is the trustee and manager of the Scotia mutual funds and Dynamic mutual funds.
The actions allege that the defendants pay substantial sums of money out of investors’ mutual fund investments as trailing commissions to discount brokers through which the mutual funds are sold. Trailing commissions are intended to compensate mutual fund dealers, such as discount brokers, for investment advice they provide to investors. However, discount brokers are prohibited from providing investment advice to investors, and so it is alleged that investors who hold these funds through discount brokerages receive no value for the trailing commissions paid.
The actions seek to advance claims on behalf of all persons, wherever they may reside or be domiciled, who hold or held, at any time prior to the conclusion of the trial of the common issues in the proposed class actions, units of a TD, Scotia and/or Dynamic mutual fund trust through a discount broker. The actions claim damages and other relief.
If you hold or previously held units of a mutual fund that pays trailing commissions in a discount brokerage account, please click the “Receive Updates on this Case” button below and complete the form. Your information will be held in strict confidence. By completing the form, you are not retaining Siskinds LLP or Bates Barristers P.C., nor do you incur any obligations in connection with this lawsuit.
Receive Updates on This Case
In April 2018, Siskinds LLP and Bates Barristers P.C. filed a proposed class action against TD Asset Management Inc. regarding trailing commissions paid to discount brokers on TD mutual funds. The action claims damages of $200 million and other relief. The action is in the pre-certification stage of the litigation.
In June 2018, Siskinds LLP and Bates Barristers P.C. filed a proposed class action against 1832 Asset Management L.P. regarding trailing commissions paid to discount brokers on Scotia mutual funds and Dynamic mutual funds. The action claims $200 million and other relief. The action is in the pre-certification stage of the litigation.
Who is affected by this class action?
You are affected by this class action and a member of the class if you have purchased units of a TD Mutual Fund trust through a discount broker.
What is a Class Action?
A class action is a lawsuit that is brought by one or more persons on behalf of a larger group of people whose claims share common legal and/or factual issues. Class actions provide a cost-effective way for groups of people with common interests to pursue a legal claim.
What does “certification” mean?
Certification is the motion where the court determines whether the action can properly be pursued as a class action. The court will consider factors such as whether the claims of the class members raise common legal and/or factual issues and whether a class action is the preferable method of pursuing the claims (as opposed to other methods, such as individual actions).
Do I have to pay anything to participate in the class action?
Class action lawyers are usually paid on a contingency basis. This means that class counsel are only paid if successful. Class counsel are paid a percentage of any settlement or court award. Class counsel fees are subject to court approval.
Can I join the class action?
There are no steps required to “join” the class action. Unless you opted-out (excluded yourself from the class action), assuming you fall within the scope of the class definition, you are automatically included in the class action.
What should I do to protect my rights?
To protect your rights, you should:
- Keep any documents that you have relating to this litigation, including any documents evidencing your purchase and sale of TD Mutual Funds.
- Register above to receive updates about the class action.
There are no documents to post at this time.