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Ontario Superior Court Awards Over $170 Million in Damages to Mutual Fund Investors in Landmark Class Action Decision

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TORONTO, July 17, 2026 /PRNewswire/ — On July 16, 2026, Justice Marcus Koehnen of the Ontario Superior Court of Justice ordered CI Mutual Funds Inc. and AIC Limited to pay Class Members damages and interest in excess of $170 million.

The Market Timing class action, commenced in 2006, alleged that certain mutual fund managers permitted sophisticated offshore hedge fund investors to engage in frequent trading in their funds, that substantially diluted the investment of long-term investors, including retail unitholders, many of whom were retirees.

Rochon Genova has represented the long-term investors since the inception of this case, including before the Supreme Court of Canada, on appeal from an earlier certification motion.  The Supreme Court certified the case in 2013. A subsequent case management order divided the trial into two phases: a trial in respect of liability, and a subsequent trial in respect of damages. The liability trial was held in February, March and June 2022.

On February 13, 2023, Justice Koehnen issued reasons for judgment in respect of the liability trial.  Justice Koehnen found that both CI and AIC breached their duty of care to prevent “market timing” in their funds. The liability decision, indexed as Fischer v. IG Investment, 2023 ONSC 915, is available here.

The damages trial was heard before Justice Koehnen between March 28 and May 16, 2025. Closing submissions were heard on July 30, August 6 and August 7, 2025. In total, Class Counsel spent 41 days in trial on liability (24 days) and damages (17 days).On June 16, 2026, Justice Marcus Koehnen of the Superior Court of Justice issued reasons for judgment in respect of the damages trial.

The Court accepted the evidence of the Plaintiffs’ expert, Professor Eric Zitzewitz, and determined that the “Next Day NAV method” of calculating damages was the appropriate methodology to use, as it measures the specific harm that the time zone arbitrage at issue caused, harm referred to as dilution.

Justice Koehnen determined that the “profits method”, the method of calculating damages advocated for by CI’s expert, was not appropriate as it “measures the wrong thing”. The Court determined that on a balance of probabilities, the “prerequisites of using the profits method” had not been met.

Ultimately, with respect to CI, the Court awarded the Plaintiffs $60,480,000 in damages for the harm resulting from CI’s failure to take appropriate steps to prevent market timing by certain Identified Accounts.

The Court also awarded the Plaintiffs damages caused by specific Additional Accounts at CI that were identified by the Plaintiffs’ expert, Professor Zitzewitz, as having engaged in market timing that harmed the unit holders.

With respect to AIC, the Court awarded the Plaintiffs a total of $37,900,659 in damages, which includes damages caused by the Identified Accounts, and Additional Accounts at AIC that were identified by the Plaintiffs’ expert as having engaged in market timing. 

The Court determined the Plaintiffs are also entitled to pre-judgment interest in the amount of 2.8% per annum, to be applied to the damages figures set out above, in addition to costs against both Defendants.

Peter Jervis, a senior partner at Rochon Genova who led the prosecution of this case, stated: “The damages decision sends a clear message that those who fail to safeguard investors from harmful market practices will be held accountable. That this result was achieved after two decades of hard-fought litigation, is a testament to the perseverance of the Representative Plaintiffs and Class Counsel, and to the strength of our judicial system in delivering access to justice in complex cases.”

Joel Rochon, the Managing Partner of Rochon Genova added: “The decision is an important victory not only for the Class Members, but for the integrity of Canadian capital markets. Mutual funds are a cornerstone of the retirement savings of millions of everyday Canadians, and investors are entitled to expect that fund managers will protect them from practices that unfairly dilute the value of their investments.”

The Plaintiffs in this action were represented by Peter Jervis, Joel Rochon, Sarah Fiddes and Jessica Marshall.

For further updates, please visit Rochon Genova’s website here.

View original content:https://www.prnewswire.com/news-releases/ontario-superior-court-awards-over-170-million-in-damages-to-mutual-fund-investors-in-landmark-class-action-decision-302828857.html

SOURCE Rochon Genova

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Green Security Partners with CLEAR®; Expanding Trusted Identity Network to Healthcare Vendor Credentialing

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35 minutes ago

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September 21, 2026

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Bringing trusted identity assurance to healthcare facilities by linking vendor identities directly to their access credentials

CLEARWATER, Fla., Sept. 21, 2026 /PRNewswire-PRWeb/ — Green Security, a leader in healthcare vendor operations and intelligence, today announced a partnership with CLEAR1, CLEAR’s secure identity platform, to strengthen identity verification for vendors entering healthcare facilities. Together, CLEAR and Green Security will help organizations elevate security across the entire workplace ecosystem. By addressing the entirety of stakeholders entering and operating within a facility, the partnership enables a more comprehensive, end-to-end approach to identity, access, and trust.

The solution is designed to elevate healthcare safety and trust by authenticating credentialed vendors with advanced biometric technology, helping protect healthcare staff and patients while prioritizing privacy and security.

Green Security supports more than 8 million healthcare vendor interactions annually, making trusted identity verification a growing priority for hospitals seeking stronger access controls. CLEAR1 and Green Security have entered into a preferred partnership to extend proven identity measures to health systems designed to strengthen their physical security. Traditional printed badges can be copied, borrowed or transferred, creating a potential gap between the person wearing a badge, the identity recorded in a credentialing system and the facility access associated with that identity. Green Security’s new identity-verified Smart Badge experience will be built with CLEAR1, and is designed to address that gap by connecting a vendor’s verified identity with their Green Security mobile app, Smart Badge and credentials. Vendors simply upload a selfie to verify their identity with CLEAR in seconds to complete Green Security registration. CLEAR1 analyzes hundreds of signals—from biometrics, documents, and devices—and cross-checks them against verified data sources to confirm identity.

“Vendors are checking in roughly every 14 seconds around the clock, and hospitals shouldn’t have to wonder whether the person wearing a badge is the person who completed credentialing,” said Mickey Meehan, CEO, Green Security. “Our exclusive partnership with CLEAR sets a newer, higher standard for healthcare vendor access. It’s a simple experience for vendors, but a major leap forward in trust and accountability for the healthcare user.”

The partnership is expected to give health systems stronger assurance that:

The person entering the facility is the same individual who completed credentialing requirementsVendor badges cannot be casually shared, transferred, or re-used by unauthorized individualsIdentity verification occurs during check-in process and before a smart badge is activated, creating stronger accountability

“For more than a decade, CLEAR has helped people prove who they are in moments that matter,” said David Bardan, SVP, GM, Head of Healthcare and Govtech at CLEAR. “We’re bringing that same trusted identity experience to healthcare. Together with Green Security, we will be helping hospitals move beyond credentials alone to gain greater confidence that the right person is accessing the right place.”

The companies see this integration as a further step toward a broader identity-first approach to healthcare facility access, where verified identity can help support compliance, security, and operational efficiency across the vendor ecosystem.

The partnership is expected to enhance security and support compliance without adding unnecessary friction for supplier representatives. Hospitals will gain greater confidence in vendor access, while representatives will benefit from a streamlined activation process designed around their mobile devices. The integration is expected to be live later this year.

Additional resources:

Learn more about Green Security’s Smart Badge platformExplore additional insights on the Green Security blogFollow Green Security on LinkedIn

About Green Security

Green Security is the leading provider of healthcare vendor operations and intelligence solutions, trusted by more than 330,000 vendors at 2,000 facilities across 275+ health systems. The platform streamlines and secures every stage of vendor engagement, from onboarding and credentialing to value analysis, to OR case readiness and visitor management. By combining credentialing, access management, and real-time vendor intelligence, Green Security helps healthcare organizations verify requirements, manage facility access, and make more informed decisions about vendor engagement. Learn more at gogreensecurity.com.

Media Contact

Jennifer Usher, PR for Green Security, 1 4154120181, jennifer@usherconsultancy.com

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SOURCE PR for Green Security

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China Daily: Chinese farming model offers practical lessons for Global South

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35 minutes ago

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September 21, 2026

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QUZHOU, China, Sept. 21, 2026 /PRNewswire/ — In the sun-drenched fields of Quzhou county, Hebei province, African students are learning about farming not from a classroom, but with their hands in the soil.

They drive tractors, take soil samples, test planting techniques and work alongside Chinese researchers and local farmers. The experience is part of the Science and Technology Backyard (STB) program, a model pioneered by China Agricultural University that is now being adapted to agricultural challenges across the Global South.

Established in Quzhou in 2009, the STB model brings university researchers and graduate students into farming communities to conduct research, test technologies and provide services directly to farmers. Since 2019, the university has established 14 STBs in 10 countries, including Malawi and Kenya, working with farmers in more than a dozen villages.

The overseas expansion reflects a shift from simply transferring agricultural technologies to building local capacity, said Zhang Fusuo, an academician of the Chinese Academy of Engineering and initiator of the STB program.

“Our core strategy for the next decade is to take the Science and Technology Backyards overseas,” Zhang said.

Rather than replicating Chinese farming practices, the model emphasizes adapting technologies to local soil, climate, crops and economic conditions.

In Malawi, for example, STBs focus on maize, a staple crop and major source of rural livelihoods. Malawian agricultural expert Samson Mofolo, who studied at China Agricultural University, is now working with farmers on techniques including cereal-legume intercropping, improved varieties and more targeted fertilizer use.

The approach has brought tangible changes for farmers. In Kasungu, central Malawi, farmer Esnart Mwera said her family began producing more maize from a small plot after adopting improved planting practices.

“We don’t have hunger in our family,” she said, adding that higher harvests have also helped the family pay school fees and buy livestock.

Jiao Xiaoqiang, head of the China-Africa STB program, said young agricultural professionals are trained to become a bridge between scientific research and farmers. “Technology is very important for smallholder farmers, but technology alone is not enough. If we want farmers to adopt new technologies, education must come first,” he said.

Students from Ethiopia and Kenya say the training has given them ideas they can adapt at home, from safer pesticide use and mechanization to soil testing and organic fertilizer.

View original content to download multimedia:https://www.prnewswire.co.uk/news-releases/china-daily-chinese-farming-model-offers-practical-lessons-for-global-south-302884573.html

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Rainmaker Raises $100M Series B to Scale Low-Cost Water Production and Weather Modification

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35 minutes ago

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September 21, 2026

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Funding will expand the research organization behind the first validated proof of manmade precipitation.

EL SEGUNDO, Calif., Sept. 21, 2026 /PRNewswire/ — Today, Rainmaker Technology Corporation announces a $100 million Series B fundraise to grow its atmospheric research organization and drive down the cost of producing new freshwater via cloud seeding. The round includes investments from NOA VC, Upfront Ventures, DCVC, Lowercarbon Capital and Dream Ventures. Rainmaker Founder and CEO Augustus Doricko issued the following statement:

“The future of water is the future of everything. With this historic investment in weather modification technology, Rainmaker will continue to conduct frontier atmospheric research, cloud seed to end drought in the American west, and develop the tech stack that will make the earth more habitable for generations to come.”

Background

Rainmaker Technology Corporation is a next-generation cloud seeding company based in El Segundo, Calif. The company flies weather-resistant drones into winter storm clouds and releases a small amount of silver iodide, a particle that ice crystals form around. Those crystals grow heavy enough to fall as rain or snow. Rainmaker’s own radar and validation systems then measures how much additional precipitation each operation produced — the step that has historically been missing from cloud seeding.

Earlier this year, Rainmaker became the first private company in history to physically validate the results of cloud seeding operations. Over four months, the company recorded 82 unambiguous seeding signatures, distinct radar patterns that tie precipitation directly to a seeding flight. Together they account for more than 145 million verified gallons of freshwater, nearly the annual water use of 1,800 American households. In August, Rainmaker produced 19 million gallons in about three hours near Homer, Alaska, marking a significant improvement in the efficiency of the technology.

This new round of funding will support a rapid expansion of Rainmaker’s research team, which today includes atmospheric scientists, radar and satellite specialists, and material scientists. Their work is aimed at answering the questions that determine how much water an operation yields: which clouds to seed and when, how much material to release, and where precipitation should fall to do a watershed the most good for farms, ecosystems, and industry. Rainmaker will also support research at national laboratories and fund weather modification research at American universities.

Rainmaker’s cost per acre-foot of water falls sharply as the company produces more of it, and additional drone teams can operate in parallel to increase production. By the November 2026–April 2027 season, Rainmaker expects its water to cost less than most other sources of new supply, including desalination and paying farmers to leave fields unplanted. 

Water is Rainmaker’s first focus, not its last. The company intends to apply the same approach to other limits on productive land, including hail damage, and poor soil.

This announcement comes as major drought in the American west continues to dominate front page news. Snowpack after the winter of 2025-2026 was the lowest on record, and reservoirs along the Colorado River are hitting historic lows. Cloud seeding provides the most cost-effective method of delivering net new water to the interior of the United States. 

Rainmaker currently operates in Utah, Idaho, Oregon, California and Colorado and is working to expand operations throughout the American West and globally.

To learn more, visit rainmaker.com. 

View original content to download multimedia:https://www.prnewswire.com/news-releases/rainmaker-raises-100m-series-b-to-scale-low-cost-water-production-and-weather-modification-302884251.html

SOURCE Rainmaker Technology Corporation

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