Do you or have you held units of an RBC Mutual Fund or PH&N Mutual Fund through a discount broker? If yes, you could be eligible for a portion of a $45-million class-action settlement that has recently been reached with RBC Global Asset Management Inc. and RBC Investor Services Trust.
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RBC Mutual Funds Class-Action Settlement
It is alleged that “the Defendants paid excessive, inflated, and/or unearned trailing commissions to Discount Brokers out of the assets of the RBC and PH&N Mutual Fund trusts.”
Trailing commissions, also known as trailer fees, are paid on mutual funds. These are intended to compensate mutual fund dealers for investment advice that they provide to investors. It is noted that these fees were paid to discount brokers who operate online, and are not allowed to provide investment advice.
The plaintiffs allege that these investors receive no value for the trailing commissions that reduce the value of their mutual fund investments as no advice is provided to investors who purchase mutual funds through discount brokers.
Am I Eligible?
You are eligible to file a claim if you held or currently hold units of an RBC Mutual Fund or PH&N Mutual Fund through a discount broker before the end of the trial.
The amount you can receive has not been defined yet. But if you believe you are eligible, be sure to head over the to the claims website to file one today.
