If you have questions about the authorized class action against all Canadian scholarship plan (SP) foundations doing business in Quebec, see the questions and answers below.
Note that the request for a class action authorization does not originate from a Kaleido client. This situation has no impact on the normal course of business.
The class and subclass included in the class action are as follows:
All persons residing in Quebec who, at any time since July 19, 2013, signed a contract with any of the defendants in which they were a subscriber and/or contributor (either primary or joint) for a registered education savings plan (“RESP”), and who were charged a fee (referred to as “enrolment fee,” “sales charge,” and/or “membership fee”), including the commissions of the distributor and its sales representatives, exceeding $200.00 per plan;
All persons residing in Quebec: (1) who at any time since July 19, 2013, signed a contract with any of the defendants in which they were a subscriber and/or contributor (either primary or joint) for an RESP; (2) who cancelled their RESP after that date; and (3) lost more than 20% of their contributions on account of enrolment fees, sales charges, or membership fees.
Yes. The terms and conditions of your contracts continue to apply.
Not at all. Our clients’ money is not at risk, and this situation has no impact on plan returns or the normal course of business.
Yes, absolutely. Our clients’ money is not affected, and this situation has no impact on plan returns or the normal course of business.
Our clients’ money is not at risk, and this situation has no impact on plan returns or the normal course of business.
The class action was not initiated by a client or former client of Kaleido, and is in no way related to the easing of the old qualification criteria.
Not at all. The situation has no impact on our normal course of business.
The situation has no impact on our normal course of business.
A class action is a legal procedure that allows one person to file a legal claim on behalf of a group of people in a similar situation in order to have the claim jointly resolved in a single proceeding. A class action requires court authorization to proceed, based on various simplified criteria. The judgement authorizing a class action allows the action to proceed, but does not in any way determine the merits of the plaintiff’s claims.
The judgement means that the case can proceed to Court for an eventual ruling on the plaintiff’s claims. At this stage, the judgement does not mean that the plaintiff’s allegations are founded. Kaleido believes that its practices are legal and intends to defend itself against the class action.
Yes. Kaleido believes that its practices are legal and intends to defend itself against the class action. Given the legal proceedings under way, Kaleido will not comment on the conduct of the case.
It’s difficult to estimate the time and delays involved in hearing the class action, which depend on several factors. It will likely take months before the Court issues a decision.
If you meet the class criteria described in the judgement authorizing the class action, you are automatically included in the class action. No other action is required on your part.
If you wish to opt out, you must notify the clerk of the Superior Court of Quebec for the District of Montreal of your intentions in writing at 1 rue Notre-Dame Est, Montreal, H2Y 1B6 no later than September 30, 2021. Be sure to mention file no. 500-06-000932-182 in your letter.