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www.insideHALTON.com | OAKVILLE BEAVER | Thursday, January 2, 2014 | 8 C Supreme Court ruling may boost individual investor confidence Dollars & Sense Peter Watson Guest Contributor anada's highest court made a signi cant ruling against several mutual fund companies in favour of hundreds of thousands of individual investors who lost money. The case was about market timing the sale of mutual funds. Fund pricing is completed at 4 p.m. Eastern Standard Time, unlike individual stocks that are priced throughout the day once the stock market opens. Pro ts should have gone to individual investors. Instead they were siphoned off by sophisticated traders who took advantage of the time difference trading within mutual funds owning foreign stocks. Knowing the value of the overseas markets, they pro ted from trading with this information. The ve companies pursued by the Ontario Securities Commission were AIC, CI Mutual Funds, Franklin Templeton, AGF and IG Investment Management. After the Commission's initial investigation, they agreed to pay back just more than $200 million to affected investors. Custom Closets, Garage Cabinets, Home Offices, Pantries, Laundries and Hobby Rooms Then it became interesting; very interesting. Those affected investors, unsatis ed with the initial settlement, launched a lawsuit. The Ontario Superior Court ruled against them saying the matter would be best settled by the regulator instead of a class-action lawsuit. The decision was appealed. The next two court decisions ruled in favour of allowing investors to continue with their class-action lawsuit against these ve mutual fund companies. Three companies reached a settlement but two didn't. Their fate and the fate of individual investors rested with the pending decision by the Supreme Court. The two companies lost that decision. Indeed, it was a victory for individual investors who claim they lost money because mu- tual fund companies allowed large traders to pro t at their expense. The decision was decisive and in mid-December, Canada's top court ruled 7-0. Now, the class-action legal case can continue against AIC and CI, the two rms that did not settle earlier. The judge thought the size of the class action could be as high as 265,000 investors with AIC and 804,000 investors with CI. One expert suggested the loss could be $192 million against AIC and $350 million against CI. This legal case seemed like a classic story of the little guy being taken advantage of by a larger opponent. Many investors often think their interests are secondary to the big compasee `Justice on p.17 Imagine Your Home, Totally Organized! Start the new year laughing! $200 Off Plus Free Installation $200 off any order of $1000 or more. 10% off any order of $700 or more. Not valid with any other offer. Free installation with any complete unit order of $750 or more, with incoming order, at time of purchase only. Leading Ladies by Ken Ludwig Curtain / 8pm Wednesday to Saturday / 2pm Sunday Directed by Lana Borsellino Produced by Micki Clemens Wednesday January 15 to Sunday January 19 Tickets: Adults $25 / Wed. Preview $15 Students / $5 with ID Proud Member of 905.815.2021 or oakvillecentre.ca An agency of the Government of Ontario. Relève du gouvernement de l'Ontario. Produced by special arrangement with Samuel French Inc. Parents of Grade 8 Students are invited to attend a PARENT INFORMATION EVENING Parents of students who will attend Oakville high schools in September 2014 are welcome to come and learn more about Grade 9 programs, services for students, and diploma requirements. Parents should attend the Parents' Information Night at their home school (the school designated for their community). For more information, please contact the school office. Abbey Park High School Iroquois Ridge High School T. A. Blakelock High School Garth Webb Secondary School Call for a free in home design consultation and estimate Follow us 800-293-3744 www.closetsbydesign.ca Licensed and Insured ML Oakville Trafalgar High School White Oaks Secondary School (South Campus) 2013 © All Rights Reserved. Closets by Design, Inc. www.oakville.ca Scheduled Tree Maintenance Near Hydro Lines may run from the ends of pruned branches of birch and maple Under normal growth conditions, trees beside hydro Oakville Hydro has retained the Town of Oakville's Urban Forestry section to carry out regularly scheduled tree maintenance in various neighbourhoods abutting hydro lines. Beginning in January, Oakville residents may notice Forestry staff pruning trees near hydro lines. This maintenance ensures the safety and security of the hydro supply by establishing necessary clearances between hydro wires and any trees in the immediate proximity. It's possible that sap trees -- this is a natural occurrence and does not cause injury to wires will not be pruned for another three years. If you the trees. In addition, some hazardous trees may require removal have any questions or concerns please contact: when alternative techniques such as pruning, cabling, or ServiceOakville, 905-845-6601, serviceoakville@oakville.ca. wrapping to minimize safety concerns cannot be achieved. For residents with hydro lines located in their rear lots, Randy Richardson, Line Supervisor, Contract Management, staff will need to gain access through your property to the Oakville Hydro, 905-825-9400, ext. 6352. Hydro easement. When possible, we will notify homeowners trees@oakvillehydro.com before entering the property. Visit oakvillehydro.com to learn which area is being pruned.