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A certification hearing started today for a class action lawsuit related to the market timing scandal that hit five Canadian fund companies in 2004-2005. Here is my story from today's paper.

Lawyer Joel Rochon argued that Canadian investors who suffered harm in their funds from market timers deserve $500-million to $600-million more in restitution payment than the $205-million they already got from the fund companies. The first round of payments is only "the tip of the iceberg," he told the hearing. "There is still money on the table."

Court was told that the fund companies oppose certification of the class action suit, arguing that the OSC got it right in its zeal to negotiate a settlement for investors. The hearing, which is expected to last all week, is taking place at Osgoode Hall in Toronto. Ontario Superior Court Justice Paul Perell said it appears the proposed class action aims to "determine whether or not there is some justice that is left to be done."

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You can read the statement of claim here.

You can also read part 1 and part 2 of the responding factum from the defendants.

For more background, you can also see the OSC settlements with the five fund companies here:

CI Mutual Funds

AIC Limited

AGF Funds Inc.

I.G. Investment Management Ltd.

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Franklin Templeton Investments Corp.

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