Understanding the TD Mutual Fund Class Action Settlement
If you have ever held units of a TD Mutual Fund through a discount broker, you may be part of a significant class action settlement that has recently come to light. TD Asset Management Inc. has agreed to a settlement amounting to C$70.25 million aimed at resolving claims on behalf of individuals who have held units in TD Mutual Fund trusts through discount brokers. This class includes anyone who had these holdings up to a specified date.
Relevant Details of the Settlement
The settlement requires approval from the Ontario Superior Court of Justice. A hearing to approve the settlement is slated for a future date, during which the court will consider important matters such as Class Counsel's fees. This fee has been capped and will total no more than C$17,920,000, along with covering other expenses incurred during the litigation.
Opt-Out Options and Deadlines
It's essential for eligible class members to understand their rights regarding this settlement. If you are a class member who began holding units of a TD Mutual Fund through a discount broker on or after a specific date, you have the option to opt out of the class action. This means that you would not be bound by the settlement terms. To do so, you must submit a supplemental opt-out form by the designated deadline.
Who is Affected by the Settlement?
The affected individuals specifically include those who held their TD mutual fund units at least prior to a certain date. For anyone who held units through a discount broker but started after that date, the opt-out route is still open. However, those who were previously engaged in the class before this threshold date have missed their chance to opt out.
What You Should Know Further
For additional details regarding the class action, such as verifying your membership in the class or obtaining the necessary forms, active communication is encouraged. Interested parties can find resources to understand their legal rights, how the settlement impacts them, and next steps if any objections to the settlement arise. Furthermore, Class Counsel can be reached for more information.
Frequently Asked Questions
What is the reason for the class action settlement?
This settlement addresses claims related to trailing commissions paid to discount brokers for TD Mutual Funds.
Who qualifies as a class member?
Anyone who has held units of a TD mutual fund trust through a discount broker is considered a class member.
What is the deadline to opt-out for certain class members?
Those who began holding units on or after a specified date must opt out by a given deadline if they do not wish to be included in the settlement.
How much is the settlement amount?
The total settlement amount is C$70.25 million, which will be distributed among eligible class members.
Who can be contacted for more information regarding the settlement?
Class Counsel is available for questions and can be reached directly by phone for assistance.
