Final week for Canadians to claim part of $70M TD settlement

Canadians have one final week to submit claims for a share of a $70.25 million class-action settlement with TD Asset Management Inc. The settlement addresses allegations that TD paid trailing commissions, typically intended for investment advice, to discount brokers like BMO InvestorLine, TD Direct Investing, and others who do not provide advice. The lawsuit argued that investors received no value for these commissions when purchasing mutual funds through these brokers.

The settlement, approved by the Ontario Superior Court of Justice in December 2024, applies to anyone who held TD mutual fund units through a discount broker on or before September 11, 2024. Eligible individuals must submit a claim form online by December 20, 2025. The claim site acknowledges that some individuals may have received multiple notifications due to having multiple accounts with differing details.

It’s important to note this settlement is specifically for those who used discount brokers; a separate $8.5 million settlement existed for other types of investors, with a deadline in August. Canadians are also reminded of the approaching deadline for claims related to the Loblaw bread price-fixing case.

(Source：Daily Hive Victoria)