The plaintiffs brought a class action alleging that the defendant financial institutions breached their trust and fiduciary duties by failing to disclose markup fees charged on foreign currency conversions in registered accounts.
The parties brought cross-motions for summary judgment on the common issues, and the defendants moved for decertification.
The court found that the defendants breached the trust agreements by failing to disclose the amount of the markup fees.
The court ordered an accounting of profits to be determined at a reference, emphasizing the need to deter fiduciary misconduct.
The court dismissed the plaintiffs' claims for an elevated interest rate and punitive damages, and dismissed the defendants' motion to decertify the class action.
