Trailer Fee Class Actions Allowed to Proceed
Proposed class action lawsuits against fund managers over their payment of trailing commissions to discount brokers can proceed, an Ontario court has ruled.
The court upheld a lower court decision, rejecting motions to dismiss new trailer fee class actions against BMO Investments Inc., Natcan Trust Co., and National Bank Investments Inc.
- The firms were the target of proposed class actions filed in 2018.
- The lawsuits involve different investor groups.
The court ruled that the lawsuits are not prohibited by orders certifying similar, earlier lawsuits as class actions.
The decision allows the lawsuits to move forward, despite the firms' appeals.
Author's summary: Lawsuits against fund managers can proceed.
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