Brittany J. Shamess

In a certified national class action, the plaintiff proposed a notice plan for certification.

The defendant opposed the plan, arguing it was not robust enough to create binding issue estoppels in other jurisdictions, and proposed a more robust direct notice plan at the plaintiff's expense.

The court found that while the plaintiff's plan would normally be adequate, the defendant's concern regarding the recognition of an Ontario judgment by courts in other provinces was valid.

The court approved the defendant's more robust notice plan and ordered the costs to be shared one-third by the plaintiff and two-thirds by the defendant, as the defendant was the predominant beneficiary of the robust plan.

The Ontario Securities Commission approved a settlement agreement with Mackenzie Financial Corporation regarding its failure to comply with mutual fund sales practices under National Instrument 81-105.

Between 2014 and 2017, Mackenzie provided excessive non-monetary benefits to dealing representatives, including expensive golf events, sports tickets, and iPads, and failed to maintain adequate systems of control and supervision.

Mackenzie admitted to the breaches, cooperated with the investigation, and agreed to a reprimand, an independent consultant review, a $900,000 administrative penalty, and $150,000 in costs.