Individuals who bought TD mutual funds through a discount broker have until Dec. 20 to file a claim in a $70.25-million class-action settlement over allegations of improper trailer fees.
TD Bank agreed to the settlement after investors alleged they were improperly charged trailing commissions on mutual funds held through discount brokerages. The allegations were not proven in court, but the Ontario Superior Court has approved the settlement.
Who Is Eligible?
Anyone who held or purchased a TD mutual fund through a discount broker on or before Sept. 11, 2024 may qualify for compensation.
Eligible discount brokers include:
- BMO InvestorLine
- CIBC Investor’s Edge
- RBC Direct Investing
- National Bank Direct Brokerage
- Scotia iTRADE
- TD Direct Investing
- CI Direct Trading
- Qtrade
- Questrade
- Wealthsimple
- Desjardins Online Brokerage
- Laurentian Bank Discount Brokerage
- HSBC InvestDirect
- Interactive Brokers
(Some of these platforms may have operated under different names in the past.)
Who Is Excluded?
Certain individuals cannot participate in the settlement, including:
- TD Bank itself
- TD’s subsidiaries, affiliates, directors, officers, and senior employees
- Members of the independent review committees of TD mutual funds
- Anyone who previously opted out of the class action
Received More Than One Claim Notice?
Some investors may have received multiple emails or letters about the claims process. This can happen when:
- An individual has multiple TD Direct Investing accounts
- Accounts have different addresses, name variations, or joint holders
If you received:
Multiple Known Claimant notices:
You must file a separate claim for each notice, using the unique Claim ID and PIN provided.
Known + Unknown Claimant notices:
- File each Known Claimant notice using the Claim ID and PIN
- File additional Unknown Claimant claims using the “I DO NOT have a Claim ID and PIN” option
Multiple Unknown Claimant notices:
These can be combined into one Unknown Claimant submission.
Claims can be filed online at:
trailingcommissionssettlement.ca
Related Non-Discount Broker Settlement
TD also previously settled an $8.5-million class action involving trailing commissions for individuals who purchased TD mutual funds through investment advisors (not discount brokers).
- Investors who still held their funds at the time of that settlement should have received direct deposit payments automatically.
- The claims deadline for former holders has already passed.
More information on the prior settlement is available at:
kalloghlianmyers.com/tdsettlement