Mr. Claude Ravary reached an agreement with Gestion d’actifs CIBC Inc. (hereinafter GACI) settling the class action against GACI. The Court approved the proposed agreement on April 16, 2019.
Without admission of liability, CIBC agreed to contribute 625 000,00 $ for the benefit of the members as defined in the agreement (the “settlement amount”) as well as to reimburse up to 30 000,00 $ in fees for the publication of the notice program.
The claimant in this class action was alleging that GACI (previously Gestion financière Talvest) allowed or failed to prevent a trading practice that consisted in frequent short–term trading by certain investors in certain Talvest mutual funds. The class action alleges that the profits generated by these frequent short–term trading investors reduced the return on investments of ordinary long-term investors.
GACI contested any fault on its part and the validity of the claims of the class action.
The Claimant and his lawyers are of the opinion that the agreement is fair and advantageous, notably because of the value of potential damages, the value of the settlement amount, the whole in light of the specific facts regarding GACI.
Distribution of the settlement amount
The agreement provides that the settlement amount, net of distribution fees and class counsel’s fees, will be directly distributed to the persons or entities who, between January1, 2000 and May 31, 2001, had investments in one of five Talvest mutual funds for a minimal value of 2 500 $ for at least 6 consecutive months. The funds are listed in the agreement.
Settlement cheques will be mailed to the last known addresses of members as defined in the agreement, as updated by a third party service. You can check your address or update it by contacting the claim manager at 1-877-739-8940 or via our website using the contact form below.
