Siskinds LLP announced Oct. 9 “the successful certification of the class action against TD Asset Management Inc. regarding trailing commissions paid to discount brokers on TD mutual funds.”
On Oct. 2 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 Feb. 27 of this year, says a statement by the law firm.
Siskinds says 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’.”
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, explains Siskinds LLP.
The class action against TDAM is one of seven class actions in which the law firm 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.