Five Canadian investors have filed a class-action lawsuit in Ontario Superior Court against five mutual fund companies that settled over market-timing, claiming they are owed hundreds of millions of dollars in additional damages. The five investment firms—IG Investment Management, CI Investments, Franklin Templeton, AGF Investments and AIC—settled with regulators for a total of $205.6 million in restitution.
As one of the plaintiffs told The Globe and Mail, “It’s unethical. These market timers made a lot of money using my funds.” And one of the lawyers representing the case, Joel Rochon of
Eric Zitzewitz, a
The fund companies declined to comment, other to say that they plan to defend themselves.