Could You Claim Cash From the $70 Million TD Mutual Fund Class-Action Settlement?
There’s been a lot of quiet buzz around a major class-action settlement involving TD Mutual Funds, and many Canadians may not even realize they could be eligible for a payout. With the deadline approaching fast, this is one of those moments where checking your old investment accounts could actually be worth your time.
Here’s what’s going on. A class-action lawsuit was brought against TD Asset Management, specifically tied to TD Mutual Funds, over something known as trailing commissions, also called trailer fees. These fees are usually meant to compensate mutual fund dealers who provide investment advice. The issue raised in this case was that trailing commissions were allegedly charged even when TD mutual funds were purchased through discount brokers, where no investment advice is allowed or provided.
Also Read:- Beau Pribula Enters Transfer Portal as Mizzou Turns Page at Quarterback
- Noam Chomsky Appears in New Epstein Photo Release as Lawmakers Push for Transparency
In simple terms, the argument was this: if no advice was given, then investors received no real benefit from those fees, yet their investment value was still reduced by them. That’s what led to the lawsuit, and ultimately, to a settlement worth more than $70 million. It’s important to note that TD has denied wrongdoing, and the settlement was approved without any admission of liability.
So, who might qualify? Anyone who held units of a TD mutual fund at any point on or before September 11, 2024, through a discount brokerage could be eligible. Discount brokers typically operate online and include platforms run by major banks, like TD Direct Investing, RBC Direct Investing, BMO InvestorLine, CIBC Investor’s Edge, Scotia iTRADE, and others. If you managed your own investments and weren’t receiving advice from a financial advisor, that’s a key detail.
To receive any money, a claim must be submitted before the deadline of December 20, 2025. Supporting documents are required to confirm what was held, how long it was owned, and whether trailing commissions were charged. Some investors may have received emails or letters with claim details, but even without those, claims can still be filed.
As for how much money you might get, that part isn’t clear yet. The payout depends on several factors, including how much was invested, how long the mutual funds were held, and how much in trailing commissions was paid. Once all claims are submitted, the settlement funds will be divided proportionally. However, every approved claimant is guaranteed a minimum payment of $25.
Bottom line: if you ever held TD mutual funds through a discount brokerage, even years ago, it may be worth taking a few minutes to look into this. With a large settlement pool and a firm deadline, this could be one of those rare cases where reviewing old investments actually puts money back in your pocket.
Read More:
0 Comments