15.1 C
New York
December 1, 2020
Worship Media

Class-action lawsuit in investment case can go ahead, Supreme Court rules

OTTAWA — The Supreme Court of Canada says a class-action suit over personal investments can proceed against a Montreal-based financial services firm.

Between 2005 and 2007, Ronald Asselin purchased principal-protected term deposits from Caisse Desjardins that were not redeemable before maturity.

In March 2009, shortly after the major financial crisis that struck the global economy, Asselin was told the investments would not yield any return and would continue to be uncashable until the end of their terms.

In 2011, Asselin filed an application to pursue a class action against Desjardins Financial Services Firm Inc., alleging it misrepresented the risk involved with the investments.

He also included Desjardins Global Asset Management Inc. in the action on the basis it purportedly made risky transactions that exposed the investments to market fluctuations.

A judge dismissed Asselin’s application for the class action, but the decision was overturned by Quebec’s Court of Appeal, prompting Desjardins to take its case to the Supreme Court.

— this report by The Canadian Press was first published Oct. 30, 2020.

Click Here to Visit Orignal Source of Article https://montreal.ctvnews.ca/class-action-lawsuit-in-investment-case-can-go-ahead-supreme-court-rules-1.5167980

Related posts

Shell writes down oil and gas assets by US$22 billion

CTV News

Infrastructure bank to invest $10 billion in priority areas for pandemic recovery

CTV News

Bombardier to build flagship jetliner in new $350-million plant at Pearson airport

CTV News

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Privacy & Cookies Policy