Class Action Against CI and AIC
Class action description
This class action alleges that the defendant mutual fund managers allowed frequent short term market timing transactions in some of their funds, such transaction having had the effect of diluting the return of ordinary long term investors.
A settlement agreement was entered into between Mr. Ravary and Gestion d’actifs CIBC (GACI). The settlement needs to be approved by the Superior court of Quebec. The approval hearing is set for April 16, 2019. The class action is still ongoing against CI and AIC.
Group description
All Quebec province residents who, between January 1st 2000 and December 31st 2003, owned shares of one or more of the mutual funds listed in the claim.
In the GACI settlement agreement, a sub-class is proposed which include all persons who detained, from January 1, 2000, to May 31, 2001, a minimum of 2 500 $ in share value of certain of the Talvest funds, for a period of six consecutive months. The settlement provides that the settlement amount is to be distributed solely to the sub-class. Please refer to the Settlement agreement and the notices which are available here.
If you think you are part of this group, we invite you to submit your information and comments in order for us to generate a directory of members. We are inviting you to visit our website on a regular basis in order to be updated on the current case.
Chronology
Quebec Class action instigated in October 2004; Ontario class action instigated in Mai 2005; During the summer of 2010, national settlement agreements were reached between claimants and Investors, MacKenzie, AGF and Franklin Templeton (those agreements were approved by the courts of Quebec and Ontario); On September 17th 2010, the Quebec class action was authorised by Justice Champagne. See following documents for update.
Related documents
Decision on a complementary distribution to members regarding GACI settlement (french only)
