News Release
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Ontario Securities
Commission
20 Queen St. W.
Box 55, Suite 1900
Toronto, ON M5H 3S8
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Commission des valeurs mobilières de l'Ontario
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FOR IMMEDIATE RELEASE
July 2, 2008 |
OSC Gives Fund Managers One More Year to Find Investors
Affected by Frequent Trading Market Timing Activities
TORONTO - The Ontario Securities Commission (OSC) reported today that $190.7 million, or 93%, of the $205.6 million in settlement monies has been distributed by fund managers to mutual fund unit holders who were affected by frequent trading market timing activities that occurred during the period of January, 1999 to September, 2003.
In December, 2004 and March, 2005, the OSC approved settlement agreements with AGF Funds Inc., AIC Limited, CI Investments Inc., I.G. Investment Management, Ltd., and Franklin Templeton Investment Corp. At the time, the fund managers agreed to distribute $205.6 million to investors affected by these activities.
The OSC has determined that it is in the public interest to issue orders, as requested by the fund managers, to allow them an additional 12 months so that further reasonable efforts can be made to distribute the unclaimed $14.9 million to investors affected by the frequent trading market timing activities. Any amounts that remain unclaimed after June 1, 2009 will be distributed to the mutual funds to the benefit of all investors in those funds, as set out in the original plans of distribution.
Any person who believes they may have invested in one of the relevant funds and has an inquiry related to the matter should contact the Inquiries and Contact Centre at the OSC by phone at 1-877-785-1555, or e-mail at inquiries@osc.gov.on.ca.
Copies of the current orders, as well as the plans of distribution for AGF Funds Inc., AIC Limited, CI Investments Inc., I.G. Investment Management, Ltd., and Franklin Templeton Investment Corp. are available on the OSC’s web site (www.osc.gov.on.ca).
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| For Media Inquiries: |
Wendy Dey
Director, Communications & Public Affairs
416-593-8120
Laurie Gillett
Manager, Public Affairs
416-595-8913
Carolyn Shaw-Rimmington
Assistant Manager, Public Affairs
416-593-2361
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| For Investor Inquiries: |
OSC Contact Centre
416-593-8314
1-877-785-1555 (Toll Free)
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