Failure to Disclose Fees on Investment Accounts can be a Breach of Fiduciary Duty
On February 28, 2020, a judge of the Ontario Superior Court granted judgment in a class action and awarded an accounting of the profits realized by three Bank of Montreal subsidiaries on approximately $102.9 million in undisclosed foreign currency conversion fees. The fees were charged over the course of ten years to clients holding RRSP and other registered investment accounts. In MacDonald et al v. BMO Trust Company et al, 2020 ONSC 93 (“MacDonald”), the plaintiffs had eight years earlier certified as a class action a proceeding that alleged that BMO Trust Company, investment dealer BMO Nesbitt Burns and discount brokerage ... [more]
During COVID-19, Read an Overview of Canada’s Legal System
Chris Somerville, Partner at Affleck Greene McMurtry LLP, co-authored the updated “Legal systems in Canada: overview” chapter of the Legal Systems Global Guide 2020, just published in the Practical Law series by Thomson Reuters. In this chapter Chris explains fundamental Canadian laws especially significant during the COVID-19 pandemic, including the federal Emergencies Act. [more]
Michael Binetti quoted in PaRR competition law newsletter
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