Canadian Investors Take On Market Timing, Round Two

Law360, New York (December 7, 2005, 12:00 AM EST) -- Rejecting multi-million dollar settlements reached by regulators, Canadian investors are once again taking on mutual funds that engaged in market timing, filing a class action lawsuit to recover their investments.

The lawsuit, filed in Ontario Superior Court of Justice, names as defendants IG Investment Management Ltd., CI Mutual Funds Inc., Franklin Templeton Investments Corp. and AGF Funds Inc.

Investors have targeted specific transactions that took place between September 1998 and September 2003, which allegedly breached the funds’ fiduciary duties to shareholders and demonstrated management failure to...
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