An Ontario judge has denied a class-action lawsuit against seven Canadian discount brokerages that alleged investors had improperly been overcharged billions of dollars in fees for a service they did not receive.
Paul Bates, co-counsel for the plaintiff, which includes a group of do-it-yourself investors who had trading accounts at the brokerages, said Tuesday that he plans to appeal. The core issue being examined by the courts was whether the collection of trailing commissions by the discount brokerages prior to 2022, when a new rule was introduced to ban the practice, contravened any applicable securities law.
The controversy over the fees has been debated within the investment industry for more than 20 years. The fees are often referred to as “hidden fees” by investor advocacy groups, as the commissions are paid out of the value of an investor’s investment fund.
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