CNW – Siskinds LLP (London, On) and Bates Barristers P.C. (Toronto, On) announce that three proposed class actions have been filed regarding trailing commissions paid to online/discount brokers on RBC/PH&N, BMO and National Bank mutual funds.
The actions allege that the Defendants paid trailing commissions to discount brokers through which the mutual funds were sold or held, and that these payments were improper because the investors in these mutual funds received no value (such as professional investment advice) for the trailing commissions paid. The actions seek compensation for the affected investors.
Discount brokers include, among others, CIBC Investor’s Edge, BMO InvestorLine, RBC Direct Investing, Scotia iTRADE, TD Direct Investing, National Bank Direct Brokerage, Desjardins Online Brokerage, HSBC InvestDirect, Laurentian Bank Discount Brokerage, Qtrade Investor and Virtual Brokers.
The BMO class action is against BMO Investments Inc. and is brought on behalf of all persons, wherever they may reside or be domiciled, who held or hold, at any time prior to the conclusion of the trial of the common issues in the proposed class action, units of a BMO mutual fund trust through a discount broker.
The National Bank class action is against National Bank Investments Inc. and Natcan Trust Company and is brought on behalf of all persons, wherever they may reside or be domiciled, who held or hold, at any time prior to the conclusion of the trial of the common issues in the proposed class action, units of a National Bank mutual fund trust through a discount broker.
The RBC class action is against RBC Global Asset Management Inc. and RBC Investor Services Trust and is brought on behalf of all persons, wherever they may reside or be domiciled, who held or hold, at any time prior to the conclusion of the trial of the common issues in the proposed class action, units of a RBC or PH&N mutual fund trust through a discount broker.
This brings the total number of class actions challenging the payment of trailing commissions to seven. Siskinds LLP and Bates Barristers P.C. previously filed proposed class actions regarding trailing commissions paid to online/discount brokers on TD, Scotia/Dynamic, CIBC and Mackenzie mutual funds.
Siskinds LLP and Bates Barristers P.C. continue to evaluate potential claims on behalf of individuals who held or hold mutual funds through a discount broker, including Renaissance mutual funds (which are part of the CIBC family of mutual funds). If you held or hold those or other mutual funds through a discount broker, please contact Class Counsel via the contact information provided below.
Class Member Contacts:
If you hold or previously held units of a mutual fund that pays trailing commissions in a discount brokerage account, we encourage you to complete the information form on the Siskinds LLP website at www.siskinds.com/mutual-fund-trailing-commissions/ by clicking on the “Receive Updates on this Case” link.
If you would like to contact Class Counsel, please direct your inquiries to Siskinds LLP at 1-800-461-6166 x 4228 or [email protected].
Media Contacts:
Anthony O’Brien, Partner
Siskinds LLP
[email protected]
416-594-4394
About Class Counsel
Siskinds LLP (www.siskinds.com) is a full-service law firm headquartered in London, Ontario and is Canada’s leading class actions firm. It was the first law firm to secure certification of a class proceeding under the Class Proceedings Act, 1992.
Bates Barristers P.C. (http://www.batesbarristers.com/) is a leading litigation boutique in Toronto specializing in class actions, complex commercial litigation, public law and appeals.