Class action filed on behalf of investors in CIBC mutual funds through online/discount brokers
September 20, 2018
Siskinds LLP and Bates Barristers P.C. have filed a proposed class action against the Canadian Imperial Bank of Commerce and CIBC Trust Corporation regarding trailing commissions paid to online/discount brokers on CIBC mutual funds.
The action alleges that the Defendants pay trailing commissions to discount brokers through which the CIBC mutual funds are sold, and investors who hold these funds in discount brokerages receive no value for the trailing commissions paid. The action seeks compensation for those investors.
Discount brokers include, among others, CIBC Investor's Edge, BMO InvestorLine, RBC Direct Investing, Scotia iTRADE, TD Direct Investing, National Bank Direct Brokerage, Desjardins Online Brokerage, HSBC InvestDirect, Laurentian Bank Discount Brokerage, Qtrade Investor, and Virtual Brokers.
The action seeks to advance claims on behalf of all persons, wherever they may reside or be domiciled, who held or hold, at any time prior to the conclusion of the trial of the common issues in the proposed class action, units of a CIBC mutual fund trust through a discount broker.
Siskinds LLP and Bates Barristers P.C. would like to speak with individuals who held or hold Renaissance mutual funds (which are part of the CIBC mutual fund family) or Series A mutual funds of other mutual fund families through a discount broker. If you held or hold Renaissance mutual funds through a discount broker or other mutual funds through a discount broker, please contact Class Counsel via the contact information provided below.
This is the third proposed class action filed by Siskinds LLP and Bates Barristers P.C. relating to the practice of mutual fund managers paying trailing commissions in respect of mutual funds held through the discount brokerage channel. Proposed class actions have also been filed against TD Asset Management Inc., the trustee and manager of TD mutual funds, and 1832 Asset Management L.P., the trustee and manager of Scotia and Dynamic mutual funds.
Class Member Contacts:
If you hold or previously held units of a mutual fund that pays trailing commissions in a discount brokerage account, we encourage you to complete the information form on the website of Siskinds LLP at www.siskinds.com/mutual-fund-trailing-commissions/ by clicking on the "Receive Updates on this Case" link.
If you would like to contact Class Counsel, please direct your inquiries to Siskinds LLP at 1-800-461-6166 x 4228 or firstname.lastname@example.org.