The plaintiff brought a motion to certify a class action against BMO Investments Inc. on behalf of investors who held BMO Mutual Funds through discount brokers.
The plaintiff alleged that BMO Investments improperly paid trailing commissions to discount brokers out of mutual fund assets, despite discount brokers providing no investment advice.
The court found that the plaintiff's claims for breach of trust, breach of fiduciary duty, breach of contract, breach of the Trustee Act, prospectus misrepresentation, and unjust enrichment all disclosed viable causes of action.
The court certified the class action, including a common issue for aggregate damages, and set the class end date as the date of the certification order.
