TORONTO – The Ontario Securities Commission has approved a no-contest settlement agreement with CI Investments Inc. that will see $156.1 million returned to investors.
The settlement follows allegations that CII’s system of controls and supervision were not sufficient and led to the net asset value of some funds being understated.
The regulator said Wednesday that staff did not allege and found no evidence of dishonest conduct by CII.
Under the settlement, CII neither admitted nor denied the accuracy of the facts and conclusions of the OSC staff.
In addition to the compensation to investors, CII paid $8 million to help the OSC’s mandate of protecting investors, plus another $50,000 toward the costs of the investigation.
The regulator described the settlement as the largest amount of investor compensation to date in an OSC no-contest settlement.