Proceeding Type:

• Motion to certify the proceeding as a class action under the Class Proceedings Act, 1992.

Claims:

• Nature of the Claim: The plaintiff alleges that the defendants paid excessive, inflated, and/or unearned trailing commissions to discount brokers from mutual fund assets. These payments are claimed to breach trust, fiduciary, and contractual duties owed to class members.
• Context: This case is part of several actions against different defendants concerning trailing commission payments.

Certification Requirements:

• Criteria for Certification under Section 5(1) of the Class Proceedings Act:
  1. Disclosure of a cause of action.
  2. An identifiable class of two or more persons.
  3. Common issues among class members' claims.
  4. Preferable procedure for resolution.
  5. Representative plaintiff who adequately represents the class without conflict.

Court’s Analysis and Conclusion:

• The court found that the first four criteria are clearly met, referencing previous similar cases: Stenzler v. TD Asset Management Inc. and Gilani v. BMO Investments Inc.
• Representative Plaintiff: Peter Ross has shown understanding and commitment to the responsibilities of representing the class, with no conflicts of interest identified.
• Litigation Plan: The proposed plan is deemed workable.
• Notices and Notice Plan: Approved with minor amendments for clarity and bilingual inclusion.
• Opt-Out Form and Administrator: The opt-out form and the appointment of RicePoint as the notice and opt-out administrator are approved.

Outcome:

• The motion to certify the proceeding as a class action is granted.
• No monetary award specified.