Investments Strategic Index Plus (Sip) And Tactical Index Plus (Tip)
The purpose of this class action is to compensate those who have not earned a return on their Strategic Index Plus (SIP) or Tactical Index Plus (TIP) pursuant to the divestment of the affected assets in the fall of 2008. While Desjardins Financial Security Life Assurance Company issued and offered SIP and TIP Investments to its clients, Desjardins International Asset Management inc. acted as manager of these investments.
On November 30, 2015, the Superior Court authorized the exercise of this class action.
On March 18, 2016, the plaintiffs filed an Originating application, which was clarified and amended in 2018: Originating application clarified modified.
On June 29, 2018, Desjardins filed a defense.
Currently, case progresses but the date of the trial has not yet been fixed.
Criteria to be met for being part of this appeal
You are a member of this class action if you meet the following criteria:
- You have held one of the following products issued by Desjardins Financial Security Life Assurance Company:
- Investment Strategic Index Plus (SIP);
- Investment Tactical Index Plus (TIP);
- You held these products as of December 31, 2008.
In the case of a company, a corporation or an association, you are a member of this class action if you meet these criteria and have 50 employees or less between June 16, 2010, and June 16, 2011.
To be informed of the main developments in this case, you can register.
For further information about becoming a member of a class action, please visit our section What is a class action?
Summary of the appeal
On November 30, 2015, the Honourable Bernard Godbout, Judge of the Superior Court of the District of Quebec, granted the Motion for authorization to institute a class action and to obtain the status of representative and attributed to Mr. Jean-Paul Dupuis and Mr. Francis Tremblay, the plaintiffs, the representative status of the groups described as follows:
“All physical persons and legal persons governed by private law, companies or associations, counting at any time during the 12-month period preceding June 16, 2011, under their direction or control, not more than 50 persons related to them by an employment contract, which, as of December 31, 2008, held the Investment Strategic Index Plus or the Investment Tactical Index Plus issued by the Respondent Desjardins Financial Security. ” (Main group)
On March 18, 2016, the plaintiffs filed an Originating application.
On May 6, 2016, Justice Godbout approved the content of the notice to the members. This judgment is available here.
On December 21, 2016, Justice Godbout dismissed the Defendants’ Application for partial dismissal of the originating motion and for striking out allegations. The judgment is available here.
On January 19, 2017, the defendants filed in the Court of Appeal of the District of Quebec a Notice of Appeal and an Application for permission to appeal and suspend the execution of a judgment rendered din the course of proceedings which dismissed a request for partial rejection.
On January 19, 2018, the plaintiffs filed an Originating application clarified modified in the Superior Court file.
On July 10, 2018, the Court of Appeal dismissed the defendants’ appeal. The judgment of the Court of Appeal is available here.
Currently, the file progresses but the date of the trial has not yet been fixed.