RBC offers $17 million to Earl Jones victims

March 6, 2012 | Last updated on March 6, 2012
1 min read

RBC has reached a settlement agreement in a class action suit against the bank, launched by the victims of Earl Jones.

The bank has proposed a final settlement of $17 million, up from its last offer of $12.5 million in July. It maintains that its actions were not negligent.

The delay in reaching an agreement was largely due to the fact that RBC and the legal team representing the victims could not reconcile their estimations of the losses suffered by the clients—the bank claimed the damage was $24 million while the victims claimed $36 million.

The final settlement is the result of many months of discussion between RBC and the class-plaintiffs, the majority of whom are seniors, seeking redress for the losses they incurred as a result of entrusting Jones with their financial affairs.

The proposed amount, not material to RBC earnings, will be final upon completion of the court approval process.

Earl Jones is currently serving an 11-year prison sentence in Ste-Anne-des Plaines prison in Quebec.