$8.5M Settlement Proposed in Class Action Against TD Mutual Funds Over Discount Broker Commissions

bfda5ea858d0c3073b97519cb4f4bd4e 1 TD Mutual Funds Class Action Regarding Trailing Commissions Paid to Discount Brokers

Proposed Settlement Notice

UPDATE TO NOTICE ISSUED NOVEMBER 2024

Did you own units in a TD mutual fund (excluding those purchased through a discount broker)?

TORONTO, Jan. 18, 2025 – A C$8.5 million settlement has been reached with TD Asset Management Inc. to resolve claims on behalf of individuals who owned units of a TD mutual fund trust, excluding those held through a discount broker, at any time before September 11, 2024 (“Class”).

Court approval from the Ontario Superior Court of Justice is pending.

The Settlement Approval Hearing, originally set for January 13, 2025, has been rescheduled to January 31, 2025. 

This hearing will also address a motion to approve Class Counsel’s fees, not exceeding 33 percent of the settlement (C$2,805,000), plus expenses and taxes.

Objections to the Settlement, Class Counsel’s fees and disbursements, the Plaintiff’s honorarium, or the Distribution Protocol must be submitted at least two days before the hearing.

For details about the class action, to check your eligibility, to object, and to understand your rights:

  • View the full notice at 
  • Call Class Counsel at (647) 969-4472

This Settlement excludes individuals who held TD mutual fund units through a discount broker.

A separate settlement may exist for those who held TD mutual fund units through a discount broker (e.g., BMO InvestorLine, CIBC Investor’s Edge, National Bank Direct Brokerage, RBC Direct Investing, Scotia iTRADE, TD Direct Investing, CI Direct Trading, Qtrade, Desjardins Online Brokerage, HSBC InvestDirect, Laurentian Bank Discount Brokerage, Wealthsimple, Questrade, and Interactive Brokers). Please visit for more information.

The Superior Court of Justice of Ontario authorized this notice’s publication.

SOURCE Kalloghlian Myers LLP

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