Key Points:

1. Nature of the Case:

   • The case involves TD Asset Management Inc. allegedly paying trailing commissions from TD Mutual Funds to discount brokers, which reduced the value of the funds held by investors who used full-service brokers.

2. Class Action Certification:

   • The court certified the class action for settlement purposes, meeting all criteria under the Class Proceedings Act, 1992.
   • The proposed class includes TD Mutual Fund unitholders who held their units through full-service brokers, excluding TD employees and affiliates.

3. Common Issues:

   • Whether TD Asset Management Inc., as trustee of the TD Mutual Funds, owed a fiduciary duty to the class and breached that duty by making payments to discount brokers who did not provide advisory services.

4. Settlement:

   • The case reached a settlement, pending court approval. Certification is the first step in moving towards a settlement hearing.
   • The plaintiff proposed a notice plan to inform class members about their rights to opt out or object.

5. Court Decision:

   • The court approved the class certification, the notice plan, and the opt-out process for settlement.
   • No monetary award was specified.