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Finance and investments

Open Class actions

Class action against RBC regarding the collapse of Olympus United Funds (Norshield)

This class action aims at establishing Royal Bank of Canada (RBC)’s responsibility in the losses incurred by Canadians who had invested in Norshied managed Olypus United Funds when the whole structured collapsed.

It is alleged that RBC collaborated with Norshield in the creation and survival of those Funds, as Norshield was defrauding the investors. It is alleged that RBC lent it’s credibility to Norshield as the fraud was taking place.

CLASS ACTION AGAINST CI, AIC AND CIBC ASSET MANAGEMENT

This class action alleges that mutual funds managers allowed for market timing to take place in the funds they manage, such transaction having the effect of reducing the return of ordinary investors who entrusted their money to those managers.

Financial fraud with regard to real estate investments involving François Roy, Marc Jemus and Robert Primeau

Some journalists called it a small Norbourg. Approximately 150 investors in real estate were defrauded of 5 to 10 million dollars by François Roy, Marc Jemus and Robert Primeau. For most investors it started when they took investments courses with Whitney Canada inc. They were than invited to transfer their RRSPs to B2B Trust and/or to contract loans from B2B Trust for investment purposes. B2B Trust’s, Whitney’s, Notary Lafrenière’s, Optifund’s and IForum’s negligence contributed to the loss suffered by members of the group.

Closed class actions

INVESTMENT FOR RESEARCH AND DEVELOPPEMENT-TAX SHELTER

Several people lost large sums by investing in partnerships for research and development. The financial amounts being illegal, in some cases fraudulent, and yet promoted by government.

INVESTMENT FOR RESEARCH DEVELOPMENT- TAX SHELTER/ S.F.S. LOGIC-FISC INC.

Several people lost large sums by investing in partnerships for research and development. The financial amounts being illegal, in some cases fraudulent, and yet promoted by the government.

INVESTMENT FOR RESEARCH AND DEVELOPMENT-TAX SHELTER/ CORPORATION FINANCIÈRE GLOBEX

Several people lost important sums by investing in partnerships for research and development. The financial amounts being illegal, in some cases fraudulent, and yet promoted by the government.

CLASS ACTION REGARDING THE TEMPORARY SHUT DOWN OF THE ROYAL BANK’S ACCOUNT MANAFEMENT SYSTEM.

Following an error by an employee of Royal Bank during an update, the computer system which managed clients’ accounts temporarily shut down. Information on transactions and balances were disturbed for over a week. The shut down occurred on a Wednesday, at the end of a month, while payroll and regular monthly transactions were about to take place.