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ARTICLE · 18 JANUARY 2010

Brokers' Report – Special Edition

Borden Ladner Gervais LLP
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Justice Perell of the Ontario Superior Court of Justice has dismissed a motion by a proposed class to certify a class action claiming that a number of mutual fund companies failed to stop market timing in the mutual funds they managed.

CanadaLitigation, Mediation & Arbitration
Margot Finley
Margot Finley
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Justice Perell of the Ontario Superior Court of Justice has dismissed a motion by a proposed class to certify a class action claiming that a number of mutual fund companies failed to stop market timing in the mutual funds they managed. The claim alleged that the activity of certain short term frequent trading market timing investors, whose purpose was to exploit stale-pricing of securities held within a mutual fund, served to have a detrimental impact on normal course investors and that the defendant fund companies permitted this market timing to occur.

IG Investment Management Ltd., CI Mutual Funds Inc., Franklin Templeton Investments Corp., AGF Funds Inc. and AIC Limited were named as defendants to the proposed class action. From 2003 to 2005, these same fund companies had been the focus of an Ontario Securities Commission probe and enforcement proceedings. The OSC concluded that the defendant fund companies had failed to implement appropriate measures to protect

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