Financial fraud is when a person uses dishonesty (through lies, deception, etc.) to trick someone into parting with their money. In the financial sector, incompetence and gross negligence can also lead to serious adverse consequences for clients and investors. Read more about class actions lead by our team in this area of practice:
Pending Class Actions
Class Action Against CI and AIC
This class action alleges that CI, AIC and CIBC Asset management allowed frequent short term market timing transactions in some of their funds, such transaction having the effect of diluting the return of ordinary long term investors.
Class Action Against RBC Royal Bank of Canada Regarding Olympus United Funds Corporation (Norshield)
This class action alleges RBC's responsibility for the losses incurred by Canadian retail investors who had invested in Olympus United Funds Corporation and could not redeem their shares in June 2005. Mrs Calder argues that, without RBC's collaboration with the Norshield Group, the fraud of which the Canadian retail investors were victims would not have occured.
Completed Class Actions
Investment for Research and Development-Tax Shelter/ Corporation Financière Globex
Several people lost important sums by investing in partnerships for research and development. The financial amounts being illegal, in some cases fraudulent, and yet promoted by the government.
Investment for Research and Development - Tax Shelter
Several people lost large sums by investing in partnerships for research and development. The financial amounts being illegal, in some cases fraudulent, and yet promoted by government.
Some journalists called it a small Norbourg. Approximately 150 investors in real estate were defrauded of 5 to 10 million dollars by François Roy, Marc Jemus and Robert Primeau. For most investors it started when they took investments courses with Whitney Canada inc. They were than invited to transfer their RRSPs to B2B Trust and/or to contract loans from B2B Trust for investment purposes. B2B Trust’s, Whitney’s, Notary Lafrenière’s, Optifund’s and IForum’s negligence contributed to the loss suffered by members of the group.