Canadians have just days left to secure their portion of a multi-million dollar settlement from Toronto-Dominion Bank. The deadline to submit a claim in a $70.25-million class-action settlement involving TD mutual funds is Saturday, December 20, 2025.
What the TD Class-Action Lawsuit Is About
The settlement resolves allegations against TD Asset Management Inc. concerning trailing commissions paid on mutual funds. According to the class-action lawsuit, these commissions were paid to discount brokers for mutual fund sales, even though investors using discount brokerage platforms typically do not receive investment advice.
The plaintiffs argued that investors received no value for these trailing commissions, which reduced the returns on their mutual fund investments. A mutual fund pools money from many investors to purchase a portfolio of assets, managed by professionals aiming for growth.
The legal action, spearheaded by Siskinds Law Firm, led to a settlement that was reached in October 2024 and received final approval from the Ontario Superior Court of Justice in December 2024.
Who Is Eligible to File a Claim?
Eligibility for compensation is broad. Any Canadian who held or holds TD mutual fund trusts through a discount broker on or before September 11, 2024, may be entitled to a payout.
The discount brokers named in the suit include major Canadian banking platforms:
- BMO InvestorLine
- TD Direct Investing
- RBC Direct Investing
- CIBC Investor’s Edge
- Scotia iTRADE
- National Bank Direct Brokerage
How to Claim Before the Deadline
With the deadline imminent, eligible individuals must act quickly. The claim process is managed online through the official settlement website at trailingcommissionssettlement.ca.
All claims must be submitted electronically through this portal by the end of the day on December 20, 2025. No extensions to this court-ordered deadline are expected.
This settlement represents a significant outcome for investors who used discount brokerage services, emphasizing the scrutiny on fee structures within Canada's financial investment landscape.
