{"settlement":{"id":"rbc-phn-mutual-funds-trailing-commissions-2026","slug":"rbc-phn-mutual-funds-trailing-commissions-2026","title":"RBC and PH&N Mutual Funds Trailing Commissions Class Action","category":"Investment and Securities","status":"Claims not yet open","tags":{"industry":["Banking and financial services","Securities and investments"],"geographic":["Canada-wide"],"recoveryType":["Cash payment"],"documentation":["To be determined"],"eligibilityTrigger":["Owned a security or investment"]},"classDefinition":"All persons, wherever they may reside or be domiciled, who held or hold, from December 28, 2003 to July 25, 2024, units of an RBC Mutual Fund or a PH&N Mutual Fund through a Discount Broker, except for Excluded Persons. Excluded Persons include the Defendants, their related entities and senior personnel, past and present members of the independent review committee of the funds, and anyone who validly opted out of the class action.","plainLanguageSummary":"If you held units of an RBC Mutual Fund or a PH&N Mutual Fund through a discount broker between December 28, 2003 and July 25, 2024, you may be eligible for a cash payment from a proposed C$45 million settlement.","eligibilityCriteria":[],"recoveryRange":"Pro rata share of the net settlement fund based on trailing commissions paid","filingInstructions":"","caseBackground":"This class action claims that RBC Global Asset Management Inc. and RBC Investor Services Trust improperly paid trailing commissions out of RBC and PH&N mutual fund assets to discount brokers. Trailing commissions are ongoing fees usually meant to pay for investment advice, but discount brokers only execute orders and do not give advice. The lawsuit alleges these payments were excessive, inflated, or unearned, and that the companies misrepresented the nature of the payments. The companies deny all of the allegations.\n\nThe Ontario Superior Court of Justice certified the case as a class action on July 25, 2024. On June 19, 2026, the parties reached a proposed settlement of C$45 million, which still needs court approval. A hearing to approve the settlement is scheduled for September 8, 2026. If approved, the net settlement fund will be divided among class members who file valid claims, in proportion to the trailing commissions paid in respect of their fund units.","administratorName":"","administratorContacts":[],"administratorRole":"claims","agentName":null,"agentContacts":[],"agentClaimFormHelp":false,"classCounselName":"Siskinds LLP","classCounselContacts":[{"type":"phone","label":"","value":"416-362-8334"},{"type":"phone","label":"Toll-free","value":"1-877-672-2121"},{"type":"email","label":"","value":"mutualfundfees@siskinds.com"},{"type":"online","label":"","value":"https://www.siskinds.com/class-action/mutual-fund-trailing-commissions/"}],"classCounselFirms":[{"name":"Siskinds LLP","region":"","contacts":[{"type":"phone","label":"","value":"416-362-8334"},{"type":"phone","label":"Toll-free","value":"1-877-672-2121"},{"type":"email","label":"","value":"mutualfundfees@siskinds.com"},{"type":"online","label":"","value":"https://www.siskinds.com/class-action/mutual-fund-trailing-commissions/"}]}],"submissionMethods":[],"sourceDocuments":[{"url":"/uploads/1e3beec9719be366045b232e-RBCLongFormFirstNotice.pdf","title":"Notice to Class Members"},{"url":"/uploads/157cef63e2cb29689c1fca3c-RBCSettlementAgreement.pdf","title":"Proposed Settlement Agreement"},{"url":"/uploads/2c53ca7dcf4fe2baf331314b-ProposedDistributionProtocol.pdf","title":"Additional Settlement Document 1"},{"url":"/uploads/cf4ab071b88b282ce90e0e2a-GuideToTheDistributionProtocol.pdf","title":"Additional Settlement Document 2"},{"url":"/uploads/7bbb4004953ff86fb83bd25b-RBC_LongNotice_FR_070826.pdf","title":"Avis aux membres du groupe"}],"shortFormNoticeUrl":"/uploads/083b4772c87194fcb5691a2f-RBCShortFormEN.pdf","longFormNoticeUrl":"/uploads/1e3beec9719be366045b232e-RBCLongFormFirstNotice.pdf","settlementAgreementUrl":"/uploads/157cef63e2cb29689c1fca3c-RBCSettlementAgreement.pdf","claimFormDocumentUrl":"","claimForms":[],"claimFormsButtonLabel":"claim-form","claimFormsUnavailable":false,"claimFormsUnavailableReason":null,"claimFormGuides":[],"additionalDocuments":[],"optOutFormUrl":"","optOutInstructions":"The opt-out process was part of the certification stage. Under the certification order of July 25, 2024, class members could exclude themselves by following the court-approved opt-out process administered by RicePoint Administration Inc. The opt-out deadline expired on November 12, 2024.","objectionFormUrl":null,"objectionInstructions":null,"faqs":[{"answer":"The proposed settlement is C$45 million. After court-approved deductions for legal fees, expenses, the litigation funder's commission, and administration costs, the remaining amount will be shared among class members who file valid claims, in proportion to the trailing commissions paid on their fund units. Individual amounts cannot be estimated until all claims are received, and payments of $25 or less will not be issued.","question":"How much money could I receive?"},{"answer":"The settlement is proposed and still requires court approval. The Ontario Superior Court of Justice will hear the approval motion on September 8, 2026. Claims cannot be filed yet; a claims process will open only if the court approves the settlement and the Distribution Protocol.","question":"What stage is this settlement at?"},{"answer":"Written objections to the settlement, the Distribution Protocol, or class counsel's fees had to be delivered to Siskinds LLP, postmarked or received no later than August 18, 2026. That deadline is today, so any objection must be delivered today; after today the objection window is closed.","question":"Can I object to the settlement?"},{"answer":"Nothing is required at this stage. If the court approves the settlement, a claims process will open and a further notice will explain how to file. Many class members whose information is provided by their discount broker will receive a pre-populated online claim and will not need to gather documents; others will need records such as brokerage statements showing the yearly value of their fund holdings.","question":"What do I need to do right now?"},{"answer":"Only after the court approves the settlement and the claims process ends. Under the proposed process, claims would be due 180 days after the second notice is published, and payments by cheque or e-transfer would follow once all claims are reviewed.","question":"When would payments be made?"}],"eligibilityChecker":{"questions":[{"id":"held-fund-units","text":"Did you hold units of an RBC Mutual Fund or a PH&N Mutual Fund at any time between December 28, 2003 and July 25, 2024?","type":"yes_no","qualifyingAnswer":"yes","criticalForEligibility":true},{"id":"through-discount-broker","text":"Did you hold those fund units through a discount broker, such as RBC Direct Investing, BMO InvestorLine, CIBC Investor's Edge, TD Direct Investing, Questrade, or Wealthsimple?","type":"yes_no","helpText":"Discount brokers are online or order-execution-only brokerages that let you trade without receiving investment advice.","qualifyingAnswer":"yes","criticalForEligibility":true},{"id":"excluded-person","text":"Are you a defendant, a past or present parent, subsidiary, affiliate, officer, director, or senior employee of the defendants, or a past or present member of the independent review committee of the RBC or PH&N Mutual Funds?","type":"yes_no","qualifyingAnswer":"no","criticalForEligibility":true}],"uncertainMessage":"Some of your answers were Not sure, so we could not confidently determine your eligibility.","qualifyingMessage":"Based on your answers, you appear to fall within the class definition for this settlement.","nonQualifyingMessage":"Based on your answers, you do not appear to fall within the class definition for this settlement."},"claimCategories":[],"proceedings":null,"relatedSlugs":[],"group":null,"cardSummary":"If you held RBC or PH&N mutual funds through a discount broker like RBC Direct Investing, Questrade, or TD Direct Investing between 2003 and 2024, you may be able to claim from a proposed C$45 million settlement.","proofRequired":"","claimTime":"","claimAmount":"","coverageStartDate":"2003-12-28","coverageEndDate":"2024-07-25","deadline":"","optOutDeadline":"2024-11-12","objectionDeadline":null,"approvalHearingDate":"2026-09-08","approvalHearingDates":[{"date":"2026-09-08","label":""}],"approvalPending":false,"seriousHarmEnabled":false,"formHelperEnabled":false,"dateAdded":"2026-08-18","lastUpdated":"2026-08-18","firstPublishedAt":"2026-08-18 22:44:09","claimsOpenedAt":null,"lastVerifiedAt":"2026-08-18","languages":["en","fr"]}}