Final day for Canadians to claim part of $70M TD settlement
Canadians have until December 20, 2025, to claim a portion of a $70.25 million settlement from TD Asset Management Inc. regarding mutual fund trailing commissions.Summary
Today, December 20, 2025, is the final day for eligible Canadians to submit a claim for a share of a $70.25 million class-action settlement with TD Asset Management Inc. The settlement addresses claims that TD paid trailing commissions, also known as trailer fees, to discount brokers of mutual funds, even though these brokers are not authorized to provide investment advice. According to the class-action lawsuit, investors who purchased mutual funds through these discount brokers – including BMO InvestorLine, TD Direct Investing, RBC Direct Investing, CIBC Investor’s Edge, Scotia iTRADE, and National Bank Direct Brokerage – received no benefit from these commissions, which reduced the value of their investments.
The settlement 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 through the administrator’s website. The initial settlement was reached in October 2024 and approved by the Ontario Superior Court of Justice in December of the same year.
It’s important to note that this settlement is separate from an earlier $8.5-million settlement for those who held units through other means, which had a claim deadline in August.
(Source：Daily Hive Victoria)