OSC Gives Fund Managers One More Year to Find Investors Affected by Frequent Trading Market Timing Activities



    TORONTO, July 2 /CNW/ - The Ontario Securities Commission (OSC) reported
today that $190.7 million, or 93%, of the $205.6 million in settlement monies
has been distributed by fund managers to mutual fund unit holders who were
affected by frequent trading market timing activities that occurred during the
period of January, 1999 to September, 2003.
    In December, 2004 and March, 2005, the OSC approved settlement agreements
with AGF Funds Inc., AIC Limited, CI Investments Inc., I.G. Investment
Management, Ltd., and Franklin Templeton Investment Corp. At the time, the
fund managers agreed to distribute $205.6 million to investors affected by
these activities.
    The OSC has determined that it is in the public interest to issue orders,
as requested by the fund managers, to allow them an additional 12 months so
that further reasonable efforts can be made to distribute the unclaimed
$14.9 million to investors affected by the frequent trading market timing
activities. Any amounts that remain unclaimed after June 1, 2009 will be
distributed to the mutual funds to the benefit of all investors in those
funds, as set out in the original plans of distribution.
    Any person who believes they may have invested in one of the relevant
funds and has an inquiry related to the matter should contact the Inquiries
and Contact Centre at the OSC by phone at 1-877-785-1555, or e-mail at
inquiries@osc.gov.on.ca.
    Copies of the current orders, as well as the plans of distribution for
AGF Funds Inc., AIC Limited, CI Investments Inc., I.G. Investment Management,
Ltd., and Franklin Templeton Investment Corp. are available on the OSC's web
site (www.osc.gov.on.ca).





For further information:

For further information: For Media Inquiries: Wendy Dey, Director,
Communications and Public Affairs, (416) 593-8120; Laurie Gillett, Manager,
Public Affairs, (416) 595-8913; Carolyn Shaw-Rimmington, Assistant Manager,
Public Affairs, (416) 593-2361; For Investor Inquiries: OSC Investor
Assistance Centre, (416) 593-8314, (877) 785-1555 (Toll Free)


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