National Bank Mutual Fund Class Action

TORONTO, March 28, 2023 /CNW/ - Kalloghlian Myers LLP has filed a class action lawsuit against National Bank Investments Inc. and NatCan Trust Company ("National Bank") on behalf of all persons who purchased units of National Bank mutual funds with an investment advisor.

The class action alleges that National Bank breached its trust obligations to investors by wrongfully paying commissions from its mutual funds to benefit itself.  The lawsuit claims that the commissions were inappropriately paid to discount brokerages for providing advice to purchasers, even though those brokerages were not authorized to provide advice.  The claim alleges that these commissions were instead improperly used as incentives to encourage discount brokerages to sell National Bank mutual funds, violating National Bank's trust obligations to investors.

The class action alleges that these improper commission payments from National Bank mutual funds reduced the mutual funds' assets, year after year, causing all mutual fund investors to experience investment losses.

"Canadians saving for their retirement need to be careful that their bank is watching out for their interest," said Garth Myers, one of the lawyers seeking to represent the class. "We allege National Bank's conduct over many years hurt the retirement savings of thousands of Canadians. We are doing what we can to seek justice and compensation."

If you purchased a National Bank mutual fund before June 2022, you might be included in this lawsuit. To register for updates and to find out more information, contact Kalloghlian Myers LLP:

https://www.kalloghlianmyers.com/trailing

SOURCE Kalloghlian Myers LLP

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