Trailer Fee Class Actions Allowed to Proceed
Proposed class action lawsuits against fund managers over trailer 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 targeted in proposed class actions filed in 2018 over trailer fee payments.
- The court found that the lawsuits are not prohibited by earlier, similar class action certifications.
The plaintiffs did not require leave from the court to bring their legal actions.
The decision allows the lawsuits to proceed, involving different investor groups.
Author's summary: Ontario court allows trailer fee class actions to proceed.
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