Trailer Fee Class Actions Allowed to Proceed
Proposed class action lawsuits against fund managers over trailer commission payments 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.
- The lawsuits involve different investor groups.
The court ruling allows the lawsuits to proceed without obtaining leave from the court.
The appeals were made after a lower court ruling in November 2024 rejected the firms' motions to dismiss the class actions.
Author's summary: Lawsuits against fund managers can proceed.
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