TD Closet Indexing Class Action

Investigation Counsel P.C. and Paul Bates, Barrister (collectively, “Class Counsel”) have filed a class action in Vancouver, British Columbia against TD Asset Management Inc. (“TDAM”) regarding TD Canadian Equity Fund (Fund Code: TDB161) (the “Canadian Equity Fund”).

This action was filed on behalf of all persons, wherever they reside or are domiciled, who hold or held directly, or indirectly (via TD “portfolio” or “fund of funds” products), units of the Canadian Equity Fund at any time from January 1, 2010 to July 31, 2020.

The plaintiff alleges that assets of the Canadian Equity Fund, and the assets of other mutual funds known as TD Portfolio Funds holding the Canadian Equity Fund, have been depleted by excessive fees that TDAM, as trustee for the Canadian Equity Fund and the Portfolio Funds, paid to itself as manager of the Canadian Equity Fund.

TDAM received fees for conducting an investment strategy based on active management when, it is alleged, the investment strategy used was “closet indexing”, which is designed to closely track or replicate the funds’ benchmark index, the S&P/TSX Composite Index.  The plaintiff alleges that the true investment objective and strategies of the Canadian Equity Fund were not adequately disclosed to investors. 

The class action alleges that the excessive fees paid to TDAM over many years have significantly reduced the returns of investors and that investors are entitled to damages including restitution of excessive management fees. 


The class action was certified by the Supreme Court of British Columbia on July 31, 2020.

A copy of the Notice to Class Members (in English) can be found here.

A copy of the Notice to Class Members (in French) can be found here.

A copy of the Certification Order can be found here.

Inquiries regarding these proposed class proceedings can be directed to Investigation Counsel at 416-637-3152 or

In order for Investigation Counsel P.C. to notify you of important developments in this action when permitted or required to do so by the Court, please fill out the TD Canadian Equity Fund Class Actions Information Form.

* This Is Not A Claim Form You are not obligated to fill in this form and, if you choose to do so, you are not retaining Investigation Counsel P.C. to act on your behalf. Your personal information will not be disclosed to a third party without your consent or unless it is required by law.