CI and AIC Mutual Fund Market Timing Class Action
Reviewed by Marty Mikhail, lawyer licensed by the Law Society of OntarioLast verified How we verify
Decided by the court after a trial
This class action was not settled. The court decided it after a trial and awarded damages to the class. Payments come from that judgment, under the terms the court sets for distributing them.
Status
Claims not yet openThe claims process is not open yet and the terms may still change. Enter your email and you will be notified when claims open.
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About this claim
If you bought units in certain CI or AIC mutual funds between 1998 and 2003 and were not a fund company insider or a market timer, you may be eligible for a share of the damages the court awarded against those fund companies.
Who may be eligible
- You bought units in one of the CI or AIC mutual funds covered by the class action (the Certified Funds).
- You bought CI fund units between September 1, 1998 and September 30, 2003, or AIC fund units between January 1, 1999 and September 30, 2003.
- You were not an insider of the defendant fund companies.
- You were not one of the market timing traders identified by the Ontario Securities Commission or one of the additional market timing accounts the court identified.
See the questions the eligibility checker asks
The checker asks these questions. Use the Check Eligibility button to answer them and see a result.
- Did you buy units in one of the CI or AIC mutual funds covered by this class action?The class action covers specific CI and AIC funds, called the Certified Funds, that held foreign investments.
- Did you buy those units between September 1, 1998 and September 30, 2003 (CI funds) or between January 1, 1999 and September 30, 2003 (AIC funds)?
- Were you an insider of CI Mutual Funds Inc. or AIC Limited, such as an employee?
- Were you a market timer, meaning one of the frequent traders identified by the Ontario Securities Commission or by the court?Market timers are the hedge funds and other accounts that traded in and out of the funds very frequently.
Read more
This class action was brought on behalf of ordinary investors in certain mutual funds run by CI Mutual Funds Inc. and AIC Limited. The funds were sold to retail investors as long-term investments, but the fund companies allowed some hedge funds, under agreements with them, to trade in and out of the funds very frequently using a strategy called time zone arbitrage. That trading took advantage of out-of-date prices for foreign shares and reduced (diluted) the value of other investors’ units. The court found CI and AIC liable in 2023, and the other fund companies named in the case settled earlier.
After a separate trial on damages, the Ontario Superior Court of Justice released its judgment on July 16, 2026. It awarded net damages of $60.48 million against CI, plus a further amount for additional market timing accounts still to be calculated, and $37.9 million against AIC, with simple prejudgment interest at 2.8% from when the action started in 2006. The judge remains in charge of the case to finalize the CI amount and other issues. No plan for paying the money out to investors has been approved yet.
Court Documents
Frequently Asked Questions
What did the court decide?
On July 16, 2026, the Ontario Superior Court of Justice awarded the class net damages of $60.48 million against CI Mutual Funds Inc., plus an amount for additional market timing accounts still to be calculated, and $37.9 million against AIC Limited. Simple prejudgment interest at 2.8% applies from the start of the action in 2006. The court may still adjust the final amounts, and how the award will be distributed to investors has not been decided.
How much will I receive?
The judgment sets the total damages owed by CI and AIC, but it does not say how much each investor will receive. Individual amounts have not been determined.
Do I need to do anything right now?
No. There is no claims process yet. You may later need to show that you held units in the affected funds, so keep any old account statements or tax slips from CI or AIC. Watch for further notices about how to claim.
Is the CI damages amount final?
Not yet. Damages for additional market timing accounts at CI still have to be calculated and added. The judge remains in charge of the case to finalize those amounts and resolve other remaining issues.
Could the decision change?
Yes. The final amounts may be adjusted, and the decision may still be subject to appeal. This page will be updated as the case develops.
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