Judging by the latest class action lawsuit from victims of Earl Jones, it seems that the RBC philosophy is greedy and sloppy. Electronic memos indicate that RBC was aware that Earl Jones was improperly using funds in his accounts.
This greed and inattention appears to be a company philosophy as a similar approach was followed when RBC lent $300 million to Norshield. As an investor in (victim of) Norshield, it surprises me to believe that RBC would have lent such a sum without conducting due diligence to ensure that the firm was not a potentially fraudulent organization. If i were an RBC shareholder, i would be shocked to see that the RBC was so cavalier in its practices that it would lend such a sum to a potentially fraudulent organization. From any perspective, it comes as no surprise that there is another class action lawsuit from the victims of Norshield Financial Group against the RBC. The Royal Bank seems to have trouble keeping track of its own staff as they are suing two of their Dominion Securities' brokers for questionable offshore dealings including Norshield.
One can not help but wonder how many other lawsuits are filed against the RBC for similar practices. The bigger wonder is how many such situations remain undetected...even now.
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anyone have any up to date info, seems only thing happening is lawyers are getting rich doing very little here
ReplyDeleteso far up until December 2012 Richter and other law firms have billed over 9 million dollars in fees. All approved by the OSC. What can we expect the bill to be from 2013 until the present????? Richter has stated that of the 160 million of investor moneys only 5.5 to 5.9 percent may be recovered. well it seems that all our monies will be eaten up in legal fees, and we will get nothing. Mr. Masse needs to make some kind of an updated statement to us. NOW
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