Class Action Against Six Financial Institutions for Their Failure to Disclose Currency Conversion Fees to Customers Using Online Self-Directed Brokerage Accounts

Active Class Action
Kugler Wechsler Files a Class-Action Lawsuit Against Six Financial Institutions for Their Failure to Disclose Currency Conversion Fees to Customers Using Online Self-Directed Brokerage Accounts.
Filing of Class Action Lawsuit and Notices to Members
Updated on : 

On April 17, 2025, Kugler Wechsler filed a class action (available in French) against the following six (6) financial institutions (the “Defendants”) alleging their failure to disclose, in breach of their legal obligations, the currency conversion fees they systematically charged their customers who purchased or sold shares, or who received interest or dividends in online self-directed brokerage accounts (the “Accounts”), when such Accounts were in a different currency from the currency of the transaction in question (e.g., a customer whose account is in Canadian dollars who purchased or sold shares that trade in U.S. dollars on the NASDAQ):

  • Financière Banque Nationale Inc./National Bank Financial, Inc.
  • RBC Placements en Direct Inc./RBC Direct Investing Inc.
  • TD Waterhouse Canada Inc.
  • Valeurs Mobilières Desjardins Inc./Desjardins Securities Inc.
  • Services Investisseurs CIBC Inc./CIBC Investor Services Inc.
  • Questrade, Inc.

The class action is on behalf of the following group:

“All individuals and legal persons residing or having their registered office in Québec who are party to a non-advisory brokerage contract (also known as a contract without an executing broker, or a direct or discount brokerage contract) with one or more of the Defendants and to whom currency conversion fees have been deducted from their brokerage account, and this, since March 15, 2018 (the “Class”);”

The class action seeks the reimbursement of all currency conversion fees that were improperly deducted from class members’ accounts since March 15, 2018.

You can access further details about this class action by consulting either the short-form Notice to members or the detailed Notice to members approved by the Court.

If you believe you may have been charged currency conversion fees, since March 15, 2018, by any of the above-named financial institutions in connection with your online self-directed brokerage account, we encourage you to contact our attorneys so that we can inform you of your rights.

Your communications with our firm are free, strictly confidential, and are covered by professional secrecy.

The Kugler Wechsler attorneys handling this case:

Robert Kugler
rkugler@kwlegal.ca
514-360-8882

David Stolow
dstolow@kwlegal.ca
514-360-8867

Alexandre Paquette-Dénommé
adenomme@kwlegal.ca
514-360-8885

Stuart Kugler
skugler@kwlegal.ca
514-360-8884

We will continue to update this page as the case progresses.