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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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Forum on the Development of Internet Public Welfare Held at 2026 World Internet Conference Wuzhen Summit

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WUZHEN, China, Nov. 6, 2026 /PRNewswire/ — A news report from CRI Online

On November 4, the Forum on the Development of Internet Public Welfare was held as part of the 2026 World Internet Conference Wuzhen Summit in Wuzhen, Zhejiang. Under the theme of “Digital Intelligence for Innovation: Advancing High-Quality Development of Internet Public Welfare”, the forum aimed to explore new paths for the high-quality development of public welfare undertakings in the era of digital intelligence, bring together forces for good, and contribute insights from the public welfare sector to building a community with a shared future in cyberspace.

At the forum, representatives of public welfare organizations, enterprises and media from China, Cyprus, the United Kingdom, the United States and other countries, together with experts, scholars and internet celebrities, delivered keynote speeches, sharing their latest practical experience and reflections on leveraging digital intelligence technologies to advance the high-quality development of charity and to bring together forces for good worldwide. The forum screened “Digital Technology for Good, Advancing Public Welfare Together”, a video showcasing the achievements of the China Internet Development Foundation’s public welfare initiatives, and released the findings of the research report on internet public welfare practices by internet and cybersecurity enterprises. The forum also held roundtable discussions on two topics — “Internet Public Welfare for the Global Flow of Goodwill” and “Online Cultural and Humanistic Creation Empowering Public Welfare Communication” — inviting participating guests to jointly explore the paths and methods for the high-quality development of internet public welfare. In addition, celebrity public welfare advocates public welfare projects powered by digital and intelligent technologies, along with examples of online initiatives supporting farmers, that they had taken an interest in. Their sharing encouraged more people to take an interest in and participate in public welfare initiatives.

The forum was hosted by the Cyberspace Administration of China and the Ministry of Civil Affairs, and co-organized by the China Internet Development Foundation, the China Charity Alliance and Guoguang Media Development Co., Ltd. More than 100 guests attended the event, including representatives of government departments, international organizations, multinational enterprises and public welfare organizations from many countries, as well as experts, scholars and internet public welfare advocates.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/forum-on-the-development-of-internet-public-welfare-held-at-2026-world-internet-conference-wuzhen-summit-302931693.html

SOURCE CRI Online

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Ev Dynamics Explores “AI+” Green Mobility Model

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Zhongtong Kinetic Energy, a Subsidiary of the Group, to Focus on Battery Swapping for New Energy Heavy Trucks and Fixed-route Transportation

Advancing Intelligent Dispatching, Energy Replenishment Management and Transportation Carbon Emission Data Management

HONG KONG, Nov. 6, 2026 /PRNewswire/ — EV Dynamics (Holdings) Limited (the “Company”, stock code: 476.HK, together with its subsidiaries, the “Group”) is exploring an expansion from the supply of new energy commercial vehicles into comprehensive green mobility services. Using battery swapping for new energy heavy trucks and fixed-route transportation as entry points, the Group will integrate artificial intelligence-powered dispatching, energy replenishment management and transportation carbon emission data management to progressively validate the “Transport as a Service” (TaaS) model.

Zhongtong Kinetic Energy (Hangzhou) Technology Co., Ltd. (“Zhongtong Kinetic Energy”), the Group’s China operating headquarters platform and a wholly-owned subsidiary of the Group, will start with actual transportation demand, prioritising the study of fixed routes, stable cargo sources and high-frequency transportation scenarios. It will progressively establish a closed-loop operating model covering vehicles, energy replenishment, dispatching and operational evaluation, with vehicle utilisation rate, energy consumption per unit of transportation, energy replenishment efficiency, transportation costs and service stability serving as the key validation indicators.

In terms of artificial intelligence applications, the Group intends to explore functions such as intelligent route scheduling, energy replenishment planning, and operational and maintenance alerts based on transportation orders, driving routes, vehicle energy consumption, battery status and battery swapping station utilisation. These functions are intended to reduce empty running and waiting time, and improve the utilisation efficiency of vehicles and energy replenishment facilities. The relevant technologies will be progressively tested and iterated in conjunction with actual application scenarios, rather than remaining at the level of a standalone conceptual demonstration.

This direction is in line with the policy trend towards the large-scale application of new energy heavy trucks. In June 2026, the Ministry of Transport and ten other departments publicly issued the Implementation Plan for Promoting the Large-scale Application of New Energy Heavy Trucks (《推動新能源重卡規模化應用實施方案》), which proposed that, by 2030, the penetration rate of new energy heavy trucks should reach 40%, with the number of new energy heavy trucks in operation exceeding 1.6 million units, 30,000 kilometres of zero-carbon road transportation corridors to be constructed, and approximately 3,000 heavy truck charging and battery swapping stations to be supported and guided for construction.

Industry penetration has also continued to increase. According to terminal actual sales data under the compulsory traffic accident liability insurance for motor vehicles cited by First Commercial Vehicle Network, 33,100 new energy heavy trucks were sold in Mainland China in September 2026, representing a year-on-year increase of 37%, with the monthly penetration rate reaching 50.28%. These figures exclude exports and military vehicles, while the cumulative penetration rate for the period from January to September 2026 was 38.10%.

Mr. Zeng Yan, Chairman and Chief Executive Officer of Ev Dynamics, said: “We hope to start with actual transportation scenarios, first establishing vehicle operations, energy replenishment efficiency and dispatching management for fixed routes, and subsequently validate the transport service-based charging model. The value of artificial intelligence does not lie in introducing another concept, but in helping to reduce empty running and waiting time, improve the utilisation rates of vehicles and energy replenishment facilities, and provide customers with more efficient and quantifiable green transportation services.”

In terms of business models, the Group will explore an expansion from vehicle sales into battery swapping services, intelligent dispatching and mobility operations, and study transportation service arrangements charged by mileage or ton-kilometre, with a view to reducing customers’ initial capital investment and barriers to technology adoption, while seeking to progressively establish recurring revenue. The specific cooperation models will be determined according to route conditions, cargo source stability, energy replenishment requirements and project economic benefits.

In terms of carbon emission management, the Group intends to progressively establish the capabilities for digital recording, accounting and reporting of transportation mileage, energy consumption and emission reduction results, thereby providing data support for customers’ green supply chain management.

On 30 October 2026, the Group participated in the “The Oujiang Dialogue — AI Plus Integrated Innovation Development Forum” (「甌江論道——『人工智能+』融合創新發展論壇」) held in Wenzhou, Zhejiang Province, and entered into a strategic agreement with the International Academician Science and Technology Innovation Centre. Building on this agreement, both parties will explore the alignment of scientific research resources and industry-academia-research cooperation in the fields of artificial intelligence, new energy and intelligent connected vehicles. The Group also took this opportunity to exchange views with universities, research institutions and industry representatives on technology applications and the integration of technologies with practical application scenarios.

Regarding participation in the development of the Qidu Island Urban Intelligent Connected Vehicle Demonstration Zone, Mr. Zeng Yan proposed three directions: First, to prioritise the selection of actual fixed routes and establish an agile, iteratively upgradeable closed-loop operating model; Second, to explore joint operations and evaluation mechanisms with local partners, using operational efficiency, service safety and actual emission reduction results as the basis for evaluation; and Third, based on the validation of application scenarios in Mainland China, to explore opportunities to connect with Hong Kong’s resources in finance, professional services, standards and international markets.

Mr. Zeng Yan added: “Ev Dynamics hopes to become not merely a vehicle supplier, but also a participant in application scenarios and a co-builder of long-term operational mechanisms. The application scenarios and supply chain capabilities in Mainland China, combined with Hong Kong’s professional services and international connections, are expected to create favourable conditions for external cooperation in green mobility solutions.”

Looking ahead, the Group will adopt Academician Chen Qingquan’s “Four Networks and Four Flows” theory as a methodological guide for its green mobility system, exploring the coordination of the energy network, transportation network, information network and humanity network, and promoting the integration of energy flow, information flow, material flow and value flow. The Group will also put these concepts into practice across specific aspects such as vehicle dispatching, energy replenishment management and transportation services. Through Zhongtong Kinetic Energy, the Group will steadily advance the validation of application scenarios involving battery swapping for new energy heavy trucks, intelligent logistics dispatching and green mobility operations, while exploring industry-academia-research cooperation in technologies such as autonomous driving for specific transportation scenarios, including “Xinjiang Coal Outbound Transport”. The relevant businesses will be progressively advanced based on actual project progress and commercial feasibility.

About Ev Dynamics (Holdings) Limited

Guided by its mission to ‘revolutionise transportation’, Ev Dynamics is evolving from a pioneer in the global new energy commercial vehicle market into an integrated solution provider of ‘new energy transport vehicles + energy infrastructure’. The Group has supported electrification across multiple countries and cities worldwide. In addition to the development and production of electric vehicles, including electric buses and purpose-built electric vehicles, the Group has expanded into integrated e-Mobility Solutions, offering in the PRC a comprehensive ecosystem that combines vehicle supply, operations, and value-added services such as charging infrastructure deployment.

For more information, please visit: https://evdynamics.com/zh-hant/

View original content:https://www.prnewswire.com/apac/news-releases/ev-dynamics-explores-ai-green-mobility-model-302931694.html

SOURCE Ev Dynamics

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Tech-Access Canada welcomes Budget 2026 and stands ready to help more Canadian companies commercialise

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OTTAWA, ON, Nov. 5, 2026 /CNW/ — Tech-Access Canada, the national network of Canada’s 70 Technology Access Centres (TACs), welcomes Budget 2026’s proposals to expand the Scientific Research and Experimental Development (SR&ED) tax incentive and renew federal clean technology support. TACs already help Canadian companies test new technologies, validate products and prepare for production. Tech-Access Canada’s proposed Canadian Innovation Pipeline Initiative would give more businesses year-round access to the teams and facilities already doing that work.

TACs already provide contract research services to businesses. Under existing Canada Revenue Agency rules, businesses can claim eligible costs for qualifying SR&ED work that TACs perform under contract on their behalf. The proposed expansion, estimated at $930 million over five years, would extend eligibility to certain commercialisation expenses. These include testing and validation required for initial regulatory approval or certification when directly linked to an eligible SR&ED project. Tech-Access Canada is ready to share its project experience as the agency develops sector-specific guidance.

“A tax credit can help a company recover eligible costs. Somebody still has to pay for the test first,” said Ken Doyle, Executive Director of Tech-Access Canada. “Some of the firms our TACs work with are still building the case for NRC IRAP funding or seeking their first outside investment. That test can be exactly what a customer or investor needs to see before they commit. Canada already has the people, the labs and the equipment. Let’s fund the projects that put them to work.”

The National Research Council of Canada’s Industrial Research Assistance Program (NRC IRAP) is Canada’s leading innovation assistance program for small and medium-sized businesses. Tech-Access Canada estimates that, through their partnership, NRC IRAP has funded approximately 75,000 hours of applied innovation and commercialisation support delivered by TACs over the past decade.

Tech-Access Canada welcomes the proposed renewal of NRC IRAP’s Clean Technology initiative. In the 2026 pilot, TACs moved quickly to complete 54 projects, helping companies advance from real-world prototype demonstration at technology readiness level (TRL) 7 toward commercial deployment at TRLs 8 and 9. TACs and their industry partners still have 161 projects scoped and ready to start as soon as a second round gets the green light.

“The clean technology pilot gave companies a chance to see how their technologies performed under real operating conditions,” said Jennifer Andersen, Vice-Chair of Tech-Access Canada and Executive Director, Applied Research & Innovation at Fleming College. “That evidence helps a business decide whether it’s ready to deploy or where it needs to do more work. We’d welcome the opportunity to extend that support to more companies.”

Since the tri-agency College and Community Innovation program began, the federal government has invested more than $1 billion through it in applied research. Tech-Access Canada thanks the Natural Sciences and Engineering Research Council of Canada for administering the program in collaboration with the Canadian Institutes of Health Research and the Social Sciences and Humanities Research Council. The $165 million committed in the 2026 Spring Economic Update will help sustain that capacity.

“Canada’s three granting councils and the Canada Foundation for Innovation have helped build applied research capacity that businesses can draw on across the country,” said Melanie Ross, Chair of Tech-Access Canada and Research Chair at SAIT’s Green Building Technology Access Centre. “We welcome the opportunity to build on those investments and give more Canadian companies access to that expertise.”

Tech-Access Canada estimates that the Canada Foundation for Innovation (CFI) has invested $500 million in federal funding for research infrastructure at colleges and cégeps over the past decade. At the College Fund’s 40% federal contribution ceiling, $500 million in capital funding would correspond to roughly $1.3 billion in eligible research infrastructure costs, with provinces, institutions and other partners contributing the balance. Dedicated, predictable infrastructure support for TACs would build on that partnership, keeping specialised facilities and equipment available on demand so TACs can respond quickly as new industry needs emerge.

“A pilot run can show a manufacturer whether a new process is worth scaling before it commits capital or changes its production line,” said Stephen Reaume, Treasurer of Tech-Access Canada and Director of Research at Lambton College. “TACs give smaller firms access to the equipment and expertise to run those trials and make decisions based on the results.”

Tech-Access Canada welcomes the opportunity to work with NRC research centres and federal departments such as Fisheries and Oceans Canada and Agriculture and Agri-Food Canada. TACs and federal research teams could bring complementary expertise and equipment to company projects, from testing new technologies for fisheries and aquaculture to piloting new processes for food and agricultural businesses.

“When a Canadian company needs specialised equipment or expertise, we can help connect it with the team best equipped to do the work,” said Jean-Philippe Jacques, Vice-Chair of Tech-Access Canada and Director of Innofibre. “Sharing facilities and coordinating equipment purchases can reduce duplication, give companies faster access to the tools they need and make better use of the research infrastructure Canadians have already invested in.”

Tech-Access Canada proposes to deliver the Canadian Innovation Pipeline Initiative through the TAC network. Interactive Visits would help firms decide what’s worth pursuing. Strategic Interactions would help them test and validate their technologies. TRLascend projects would help them demonstrate those technologies at pilot scale and prepare for production or deployment. The proposed $33 million annual investment would support about 3,000 engagements with Canadian businesses each year once fully implemented.

The TAC network already gives companies access to more than 2,100 applied R&D professionals, two million square feet of dedicated applied R&D space and approximately $500 million in specialised equipment. Tech-Access Canada also has intake and project delivery systems in use today. With approval and funding, it could start accepting Pipeline projects within 48 hours. Tech-Access Canada looks forward to working with the federal government on the proposal ahead of the Spring 2027 Economic Update.

Through Commercialisation Canada, Tech-Access Canada will share stories of Canadian companies bringing new products and processes to market with TAC teams working alongside them. Companies bring their ideas and knowledge of their customers. TACs help them test, refine and scale what they’ve developed. This hands-on accompaniment is a Canadian model of collaborative applied innovation and commercialisation that has drawn international attention, including from the OECD. More details will follow.

About Tech-Access Canada

Tech-Access Canada is the national network of Canada’s Technology Access Centres. TACs help businesses solve technical problems, develop and validate products and processes, and adopt new technologies. Companies retain their intellectual property.

SOURCE Tech-Access Canada

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