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 lawsuits involve different investor groups and are not prohibited by earlier similar lawsuits, the court found.
- BMO Investments Inc.
- Natcan Trust Co.
- National Bank Investments Inc.
These firms appealed a lower court ruling from November 2024, which rejected their motions to dismiss new trailer fee class actions.
The plaintiffs didn’t obtain leave from the court to bring their legal actions.
The firms were targeted by proposed class actions filed in 2018 over trailer fee payments to discount brokers.
Author's summary: Lawsuits against fund managers can proceed.
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