Horizons HOU ETF
This case alleges that the defendants breached Canadian corporate laws when they unilaterally changed the investment objectives of HOU (BetaPro Crude Oil 2x Daily Bull ETF) without shareholder approval or the consent of the securities regulator.
The corporate defendants are a mutual fund corporation and corporations that carry on business as the manager and investment manager of exchange traded fund products, respectively. The individual defendants are the directors or officers of the corporate defendants.
This case seeks to represent all persons and entities, wherever they may reside or be domiciled, who owned units of HOU on April 22, 2020.
The court will decide at a later date if the case will proceed as a class action.
- August 28, 2020: Plaintiff issues Statement of Claim in the Ontario Superior Court of Justice