TD Asset Management Inc. (TDAM) has lost a bid to appeal the certification of a class action lawsuit regarding trailing commissions paid to discount brokers on TD mutual funds.
The Ontario Divisional Court has rejected TDAM’s leave to appeal an earlier ruling from the Ontario Superior Court of Justice that certified a class action alleging investors lost tens of millions of dollars over trailer fees paid to firms that didn’t provide any advice.
Siskinds LLP, class counsel in the lawsuit against TDAM, also is class counsel in six other class actions against other mutual fund trustees/managers that are alleged to have paid trailing commissions to discount brokers.
The other class actions involve Scotia/Dynamic, CIBC, RBC, National Bank, BMO and Mackenzie mutual funds, according to a release from Siskinds.