Class Action Against RBC Royal Bank of Canada Regarding Olympus United Funds Corporation (Norshield)
Class action description
This class action brought by Mrs. Sheila Calder alleges RBC’s responsibility for the losses incurred by Canadian retail investors who had invested in Olympus United Funds Corporation. Those investors were faced with the impossibility to redeem their shares in June 2005. More than 150 M$ were lost to the Canadian retail investors represented by this class action. Mrs. Calder argues that, without RBC’s collaboration with the Norshield Financial Group, the fraud of which the Canadian retail investors were victims would not have occured.
If you you are a member of this group, we invite you to submit your information and comments through the form below or to contact Me Normand Painchaud at 514-937-2881 #228. We also invite you to visit our website on a regular basis for up to date information.
Group description
All Canadian retail investors who purchased one of the Olympus United Funds Corporation shares (formally First Horizon Holdings Ltd.) from June 27, 1999 to June 29, 2005, and who had outstanding shares in said corporation as of June 29, 2005.
Chronology
- April 10 and 11, 2013: Motion for Authorisation of a Class Action was heard before Justice Marc G. De Weaver.
- Novembre 1, 2013: Class Action Authorisation granted by Justice Marc De Wever.
- March 18, 2014: Filing of the motion to introduce proceedings (claim in dammages) See following proceedings for more info
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December 7, 2020: Following a hearing held on December 2, 2020, Judge Thomas M. Davis of the Superior Court of Quebec rendered two judgments on December 7, 2020. The first judgment approves the Settlement Agreement concluded between Ms. Sheila Calder and the defendants Royal Bank of Canada and RBC Dominion Securities Corporation (RBC), pursuant to which RBC agreed, without admission of liability, to pay $ 6 million for the benefit of the Group. This judgment also approves Class Counsel fees and disbursements. The second judgment determines the fate of certain members who had received compensations from TD Bank. The Settlement Agreement approval judgment closes nearly 12 years of litigation and represents, according to the Approval Judgment, a Settlement Agreement that is “fair and reasonable and in the best interests of the Class Members”. The distribution of the net settlement amounts is expected to begin in January 2021 and could be completed by the end of February 2021. Class Members are invited to read the Notice to Members received prior to the hearing, the Settlement Agreement and the approval judgment for more information.
