It is done ! The Superior Court rules… The judge Martin F. Sheehan authorized a class action against six distributors of group registered education savings plans (“RESPs”).
Eligible citizens are those who, since July 19, 2013, have signed a contract for an RESP with one of the defendants, and who have been billed for fees called “sales charges”, “sales charges” and / or “membership fees”.
They are represented by Me Joey zukran by LPC Avocat Inc.
The latter considers that these fees do not comply with Regulation C-15 on the conditions precedent to the acceptance of the prospectus of scholarship foundations.
According to the 2016 Bar, the defendants would have charged “membership fees which are illegal” because “abusive” or “greater than $ 200 per plan” allowed.
The RESP distributors affected by the class action are as follows:
- CST Consultants Inc. & The Canadian Scholarship Trust Foundation;
- Kaleido Growth Inc. (formerly Universitas Management Inc.) & Kaleido Foundation (formerly Universitas Foundation of Canada);
- Knowledge First Financial Inc. (formerly Heritage Education Fund Inc.) & The First Knowledge Foundation;
- Heritage Education Fund Inc. & Heritage Educational Foundation;
- Children’s Education Fund Inc. & The Children’s Education Foundation of Canada;
- Global RESP Corporation & Global Education Fund.
Mr. Zukran hopes that the Court will order the defendants to pay the members of the Group compensatory damages.