DESJARDINS FACES CLASS-ACTION

A class-action suit over personal investments can proceed against a Montreal-based financial services firm, the Supreme Court of Canada has ruled. Between 2005 and 2007, Ronald Asselin purchased principal-protected term deposits from a Desjardins Group caisse populaire that were not redeemable before maturity. In 2009, shortly after the financial crisis that struck the economy, Asselin was told the investments would not yield any return and would still continue to be uncashable until the end of their terms. In 2011, Asselin filed an application to pursue a class action against Desjardins Financial Services Firm Inc., alleging it had failed to adequately inform him and other customers of the risk involved. A judge dismissed Asselin's application for the class action, but the decision was overturned by Quebec's Court of Appeal.