ROYAL MUTUAL FUNDS CLASS ACTION
Investigation Counsel P.C. and Paul Bates, Barrister (collectively, “Class Counsel”) have filed a proposed class action in Vancouver, British Columbia against mutual fund distributor Royal Mutual Funds Inc. (“Royal Mutual”).
The proposed Royal Mutual Funds class action has been filed on behalf of all persons, wherever they may reside or be domiciled, who purchased or otherwise acquired one or more RBC Portfolio Solutions mutual funds through a Royal Mutual investment, financial or retirement planning representative between November 1, 2011 and October 27, 2016 (the “Class Period”).
RBC Portfolio Solutions mutual funds include the following mutual fund products:
- RBC Select Very Conservative Portfolio
- RBC Select Conservative Portfolio
- RBC Select Balanced Portfolio
- RBC Select Growth Portfolio
- RBC Select Aggressive Growth Portfolio
- RBC Select Choices Conservative Portfolio
- RBC Select Choices Balanced Portfolio
- RBC Select Choices Growth Portfolio
- RBC Select Choices Aggressive Growth Portfolio
- RBC Managed Payout Solution
- RBC Managed Payout Solution – Enhanced
- RBC Managed Payout Solution – Enhanced Plus
- RBC Target Education Funds
- RBC Retirement Portfolios
The proposed class action alleges that during the Class Period, Royal Mutual implemented an unlawful compensation arrangement pursuant to which it paid additional commissions to advisors who sold the RBC Portfolio Solutions mutual funds. This compensation arrangement was allegedly in violation of securities laws and regulations aimed at protecting investors from conflicts of interest involving their investment advisors. The class action asserts that investors have suffered damages as a result of Royal Mutual’s conduct and seeks disgorgement of the revenues that Royal Mutual has received from the sale of the RBC Portfolio Solutions funds.
Inquiries regarding these proposed class proceedings can be directed to Investigation Counsel at 416-637-3152 or royalmutualfunds@investigationcounsel.com
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 Royal Mutual Funds Class Action Information Form.
.
UPDATE
The hearing of the Plaintiffs’ application for certification took place on September 1 – 4, 2020. The Court released its decision on November 20, 2020 dismissing the Plaintiffs’ application. The Plaintiffs have appealed that decision. The appeal hearing is scheduled for May 4 – 5, 2021.