Perspective Plus Term Savings and Alternative Term Savings
This class action aims to compensate those who held to Perspective Plus Term Savings (PP), Alternative Term Savings (ALT) and products made up of these investments, including Portefeuille Profilé à Capital Garanti and Placement Garanti Duo Desjardins, which were offered in the Desjardins caisse populaire network between 1999 and 2008. The Desjardins companies are being sued for systematic omission to inform class members of the risks associated with the investments and their management.
On February 26, 2021, the Plaintiff notified his amended Originating Application (French only) to the defendants’ lawyers.
On April 27, 2021, the notices informing the members that the class action was authorized have been published. The Honourable Justice Sylvain Lussier of the Superior Court ordered the publication of these notices by way of a Facebook campaign and the displaying of these notices in services centres of Desjardins Financial Services Firm, mainly located in the Caisses populaires.
You can consult the complete version of this notice by clicking here.
Criteria to be met in order to be part of this class action
You are part of this class action if you meet the following criteria:
1. You held one of the following investments:
– Perspectives Plus Term Savings (PP);
– Alternative Term Savings (ALT); or
– Any other investment with a portion invested in PP or ALT.
2. You held these investments as of October 1, 2008.
In the case of a corporation, a partnership or an association, you are part of the class if you meet these criteria and had 50 employees or less between September 16, 2010 and September 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 class action
On September 16, 2011, Mr. Ronald Asselin’s lawyers filed an Application for authorization to institute a class action and to obtain the status of representative against the Defendants.
The authorization of this class action has been severely contested by the defendants, the parties debated several preliminary motions and the file has been taken to the Court of Appeal and the Supreme Court of Canada. For these reasons, many years have passed since the beginning of the procedures.
On October 30, 2020, the Supreme Court of Canada authorized the class members to bring a class action following the loss of any return on the investments they held. This important judgment means that class members can seek justice and go to trial for their claim against Desjardins Financial Services Firm Inc. and Desjardins Global Asset Management Inc. You can read the Supreme Court of Canada judgment here.
The Honourable Justice Lussier has been appointed as the managing judge of this file and will therefore be asked to rule on all the questions related to it before the trial.