Trailing commissions class action against TD Asset Management certified

Retired dentist alleges mutual fund assets were wasted by commissions he had to pay and says investors lost tens of millions of dollars

Article content

TORONTO — An Ontario law firm says a class action centred on TD Asset Management Inc.’s trailing commissions to discount brokers has been certified.

Siskinds LLP says the class action was prompted by a retired dentist investing in mutual funds, who discovered that TD Asset Management was paying trailing commissions to discount brokers like TD Direct Investing for services and advice, but neither was being provided.

A trailing commission, also known as a trailer fee, is paid by mutual fund investors to financial advisers in exchange for regularly reviewing holdings and providing guidance.

More On This Topic

The retired dentist alleges his mutual fund assets were wasted by the commissions he had to pay and says investors lost tens of millions of dollars because of the practice.

TD Bank Group, which Siskinds says unsuccessfully sought an appeal of the certification decision, did not immediately respond to a request for comment.

Siskinds is currently pursuing six other trailing commissions class actions against mutual fund trustees managers, including the Bank of Nova Scotia’s Dynamic, Canadian Imperial Bank of Commerce, Royal Bank of Canada, National Bank and Bank of Montreal Investments.

首播影院-电影大全 - 高清在线观看 - 海量高清视频免费在线观看