Gibbs v. HSBC Global Asset Management (Canada) Limited
Certification refused at this time in a proposed class action alleging HSBC mutual funds were secretly closet indexing while marketed as actively managed.
- Certification requirements (s.4 cpa)
- Prospectus misrepresentation
- Closet indexing/portfolio management strategy
- Breach of trust/fiduciary duty
- Excess management fees and trading costs
- Limitation/discoverability issues