Trailer Fee Class Actions Allowed to Proceed
Proposed class action lawsuits against fund managers over trailing commissions to discount brokers can proceed, an Ontario court has ruled.
The court upheld a lower court decision, allowing the lawsuits to move forward despite appeals from BMO Investments Inc., Natcan Trust Co., and National Bank Investments Inc.
- The firms were targeted in proposed class actions filed in 2018 over trailer fee payments.
- A lower court ruling in November 2024 rejected motions to dismiss the new trailer fee class actions.
No leave from the court was obtained by the plaintiffs to bring their legal actions.
The court's decision enables the lawsuits to proceed, involving different investor groups.
Author's summary: Lawsuits against fund managers can proceed.
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