Mutual Fund Trailing Commissions Class Action

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In April 2018, Siskinds LLP and Bates Barristers P.C. filed a proposed class action against TD Asset Management Inc. (“TDAM”) regarding trailing commissions paid to discount brokers on TD mutual funds.

The action alleges that TDAM, as the trustee and manager of TD mutual funds, pays substantial sums of money out of TD mutual funds as trailing commissions to discount brokers through which the mutual funds are sold.  TDAM describes the purpose of the trailing commissions as compensation for “services and advice” provided to investors.  However, discount brokers are prohibited from providing investment advice to investors, and so it is alleged that investors who hold these funds in discount brokerages receive no value for the trailing commissions paid.

The action seeks 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 action, units of a TD mutual fund through a discount broker. The action claims damages of $200 million 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.

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