On May 15th, 2000, a proposed class action was commenced against TD Waterhouse Investor Services (Canada) Inc. and TD Securities Inc. (collectively “TD Waterhouse”).
In the Statement of Claim, the plaintiffs, Mark S.C. Scott and Chris A. Ballingall, alleged that, without contractual authority, TD Waterhouse profited from the currency exchanges necessary to complete foreign securities trades.
Counsel for the action were Branch MacMaster, Toronto-based securities litigation firm Groia & Company, and Windsor-based class action firm Sutts, Strosberg.
In a decision of Madame Justice Martinson dated September 17th, 2002 the British Columbia Supreme Court certified this lawsuit as a class action on behalf of:
All clients of [TD Waterhouse] resident in B.C. who conducted securities trades through the Defendant from May 16th, 1994 that included a foreign exchange transaction.
Following certification the parties negotiated a settlement agreement which was approved by the courts in B.C. and Ontario.