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TORONTO — Siskinds LLP says a $70.25 million class-action settlement has been reached with TD Asset Management over commissions paid to low cost brokers.
The regulation agency says the category motion members alleged that since low cost brokers aren’t allowed to supply funding recommendation, buyers obtain no worth for the trailing commissions they pay to such brokers.
It says trailing commissions paid on mutual funds are supposed to compensate mutual fund sellers for funding recommendation they supply to buyers.
Siskinds says it has filed proposed class actions in opposition to a number of mutual fund managers which have low cost brokers, which together with TD Direct Investing, additionally contains RBC Direct Investing, BMO InvestorLine, CIBC Investor’s Edge, Scotia iTRADE and National Bank Direct Brokerage.
The proposed settlement with TD covers anybody who held models of a TD mutual fund belief by means of a reduction dealer on Sept. 11, 2024 or earlier.
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TD didn’t instantly reply to a request for touch upon the settlement, which remains to be topic to approval by the Ontario Superior Court of Justice.
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