LONDON, ON and TORONTO, Oct. 9, 2020 /CNW/ – Siskinds LLP is pleased to announce the successful certification of the class action against TD Asset Management Inc. regarding trailing commissions paid to discount brokers on TD mutual funds.
On October 2, 2020, the Divisional Court dismissed the motion for leave to appeal brought by TDAM from the certification decision of the Ontario Superior Court of Justice released on February 27, 2020.
The certified class is defined as 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 proceeding, units of a TD mutual fund trust through a discount broker, except for certain “excluded persons”.
The class action against TDAM is one of seven class actions in which Siskinds is class counsel against mutual fund trustees/managers relating to the payment of trailing commissions to discount brokers. The other six class actions concern Scotia/Dynamic, CIBC, RBC, National Bank, BMO and Mackenzie mutual funds.
Certification is a procedural step that defines the form of the class action. The merits of the claims in the action have not been finally determined by the Court.
A formal notice of certification in the TDAM class action will be distributed once approved by the Court.
Class Member Contacts
If you hold or previously held units of a mutual fund from one of the seven fund families above in a discount brokerage account, we strongly encourage you to complete the information form on our website at www.siskinds.com/mutual-fund-trailing-commissions/ by clicking on the “Join” link. By doing so, we can send you updates on developments in these class actions.
You can also send us a message by clicking on the “Get in Touch” link on the website.
If you would like to contact Siskinds by telephone, please direct your inquiries to Gigi Pao at 226-636-1615.
Siskinds LLP is a pioneer in class action lawsuits and has been recognized as a top-tier Canadian firm by the Chambers and Partners, a global legal review organization, in their 2020 guide. The class actions team, comprised of 25 lawyers admitted to practice in Ontario, Quebec, New York State and the District of Columbia, act exclusively for plaintiffs. siskinds.com/classactions
SOURCE Siskinds LLP