Class action filed against Assante Wealth Management

RED DEER, AB, Oct. 3, 2012 /CNW/ - Jensen Shawa Solomon Duguid Hawkes LLP (aka JSS Barristers) has commenced a class action proceeding against Assante Wealth Management (Canada) Ltd., Assante Capital Management Ltd., Brian Malley and Christine Malley.  The action is advanced on behalf of individuals who utilized Assante's wealth management and investment services through its offices in Red Deer, Alberta, operated and managed by Brian Malley and Christine Malley.

The class action proceeding was commenced by way of Statement of Claim filed with the Alberta Court of Queen's Bench in Red Deer.  The Statement of Claim alleges that Brian Malley engaged in a "one-size fits all" investment strategy that was wholly unsuitable for the investors, and that he acted in his own best interests which were in conflict with the interests of the class members.  The Statement of Claim alleges that Assante failed to supervise class member's accounts, and failed to detect or make inquiries into Brian Malley's unusual trading patterns.

The Statement of Claim seeks damages for losses suffered in the amount of $50,000,000, plus general damages in the amount of $20,000,000, and punitive damages in the amount of $10,000,000, plus costs and interest.

The issues giving rise to this claim came to light after Brian Malley was charged with the first-degree murder of one of Assante's clients for whom he acted as investment advisor.

JSS Barristers provides litigation services to both commercial and individual clients. The firm's lawyers appear at all levels of Court in Alberta and Canada. We act for substantial corporate entities as well as individuals, and we take pride in our advocacy on behalf of each one of our clients.

SOURCE: Jensen Shawa Solomon Duguid Hawkes LLP

Carsten Jensen, Q.C.
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Rob Armstrong
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