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.
A trio of firms - BMO Investments Inc., Natcan Trust Co., and National Bank Investments Inc. - appealed a lower court ruling, which rejected their motions to dismiss new trailer fee class actions against them.
The firms were the target of proposed class actions filed in 2018 over the payment of trailer fees to discount brokers.
The court upheld a lower court decision, allowing the lawsuits to proceed without obtaining leave from the court.
No further details on the court's decision were provided.
Author's summary: Ontario court allows trailer fee class actions to proceed.
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