BMO RRSP Class Action Update
| IMPORTANT NOTE:
This website has been developed to provide general information
to potential class members on a number of class actions that
have been commenced by Paliare Roland Rosenberg Rothstein LLP.
The site is not designed to answer questions about your individual
situation or entitlement. Do not rely upon the information
provided on this website as legal advice in respect of your
individual situation nor use it as a substitute for individual
legal advice.
The information collected about potential class members will
assist counsel in prosecuting the class action and assessing
what damages were suffered by the class as a whole. Providing
the information requested does not make you the client of Paliare
Roland Rosenberg Rothstein LLP. The court
will ultimately decide who will be included as a class member.
|
Status
This action has now been certified as a class proceeding.
On January 31, 2012, Justice Horkins released her Reasons for Decision certifying this action as a class proceeding. Her Reasons can be viewed here.
It is expected that the defendants will seek leave to appeal from this decision. Further updates will be posted as the case develops.
The Claim
In 2006, a class action was commenced on behalf of a proposed class of individuals with registered accounts administered by BMO Nesbitt Burns Inc., BMO Trust Company, BMO Bank of Montreal and BMO InvestorLine Inc. in respect of foreign exchange transactions in RRSP, RRIF and RESP accounts (the “MacDonald Action”). The claim alleges, in general, that the defendants are not authorized to carry on the practice of automatically converting foreign currency in registered accounts after June 2001 changes to the Income Tax Act.
The Class
The Class has been defined as:
All current and former clients of BMO InvestorLine Inc. (“InvestorLine”) and BMO Nesbitt Burns Inc. (“BMO NB”) resident in Canada, who held one or more registered accounts administered by BMO Trust, BMO NB and/or InvestorLine Inc. (the “Trust Accounts”) and purchased or sold investments denominated in foreign currency in their Trust Accounts or were paid dividends or interest in a foreign currency in their Trust Account(s), or otherwise received foreign currency into their Trust Account(s) which was then converted to Canadian dollars by the defendants during the period between:
- June 14, 2001 and September 5, 2011 for:
- all clients and former clients of InvestorLine;
- the 14 clients of BMO NB who opted out of the class proceeding entitled Skopit v. BMO Nesbitt Burns Inc., either entirely or with respect to the overlap period with this action; and
- October 1, 2002 and September 5, 2011 for all other clients of BMO NB.
If you fall within the definition, you are part of the class. Formal notices of certification will be published once any appeals have been resolved.
If you have any questions, please contact class counsel at:
Toll Free: 1-888-569-4526
e-mail: info@rrspclassaction.com
