Three more bank mutual fund subsidiaries face potential class action cases : More bank mutual funds face class actions
TORONTO - Subsidiaries of three more Canadian banks face potential class action lawsuits regarding trailing commissions paid to discount brokerages by mutual funds.
The actions allege the defendants paid trailing commissions to discount brokers that do not provide mutual fund investors with services of value, such as professional investment advice, in return for the fees.
The allegations have yet to be tested in court.
Siskinds LLP of London, Ont. and Bates Barristers PC announ...