TIEMC-RBC
Code Hunter LLP is counsel to representative plaintiffs, Messrs. John Edmunds and Merlyn Steciw, against the Royal Bank of Canada in the Court of King’s Bench of Alberta.
The class action against the Royal Bank of Canada was certified by the Court of King’s Bench of Alberta on 17 December 2025.
The Court certified the action as a Class Proceeding, meaning that all claims that class members have in common against RBC can be dealt with in one trial.
The Court instructed the parties to prepare a plan to proceed to trial.
The Reasons for Judgment can be accessed here:
Background
Between 2002 and 2012, Kenneth Charles Fowler used a Royal Bank of Canada account held in the name of The Investment Exchange Mortgage Company (TIEMC) to process monetary transactions in a ponzi-type scheme.
Mr. Fowler solicited subscriptions for the purchase of shares in TIEMC, totaling approximately $27,000,000 and then used those funds for his personal benefit.
Fowler pleaded guilty to charges including fraud in 2017.
Messrs. Edmunds and Steciw were among individuals who subscribed for shares in TIEMC between 2002 and 2012.
Messrs. Edmunds and Steciw have sued RBC, as representative plaintiffs, and TIEMC has also sued RBC on account of the ponzi-type scheme.
The Class Proceeding is brought on behalf of all Class Members. Class Members are those persons in Alberta or elsewhere in Canada (including corporations, partnerships and trusts) who subscribed for shares in TIEMC between 2002 and 2012.
The Class Proceeding seeks financial compensation on behalf of the Class Members. TIEMC’s claim also seeks compensation for its shareholder investors, but that claim is not subject to the Class Proceedings Act.
Class Members bear no financial responsibility for the prosecution of the Class Proceeding.
To review the allegations against RBC, please review the Amended Statement of Claim:
To contact our firm, to request further information and updates as a potential Class Member, or to provide any information to our firm, please contact Ben Frenken.
By contacting our firm or requesting information and updates as a potential Class Member, you do not take on any financial obligation related to this lawsuit.
Any information you provide our firm will be kept confidential.
To learn more about Code Hunter LLP, please explore our website.