RBC INSURANCE CLASS ACTION UPDATES

On May 23, 2024, a client of Cove Continuity Advisors filed a Notice of Civil Claim with the Supreme Court of British Columbia against RBC LIFE INSURANCE COMPANY doing business as RBC INSURANCE and ROYAL BANK OF CANADA.

This is an intended class action in which the proposed class is comprised of holders RBC Security Fund policies sold and managed by RBC Life Insurance Company (“RBC Life”). Full details of the action are contained in the Notice of Civil Claim which can be viewed here.

Class Action

This class action is being undertaken on behalf of all RBC Security Fund policy holders by the representative plaintiff. There is no further action required by you if you belong to the class. You may opt out of the action, as permitted in British Columbia, but you do not need to do anything to be included. Cove will continue to provide updates through direct communications, through social media and on our dedicated webpage.  If you have any questions, you are always free to call us.

Representation

Legal counsel representing the plaintiff are David Rosenberg and Dulcie Jones of Rosenberg Law. David has extensive experience in litigating complex cases at all levels of the courts. In addition, he was appointed Chairman of the BC Task Force on Bank Mergers by the BC Provincial government to report on and provide recommendations on proposed bank mergers. Rosenberg Law is highly qualified to provide expert representation on behalf of the plaintiff in the claim against RBC. You can read more about David, Dulcie and Rosenberg Law here.

Our Commitment

Cove Continuity Advisors is committed to supporting clients by providing transparent and accountable products and services. To that end Cove will provide expert testimony and advice to the plaintiff and their counsel in this matter as requested. As a Certified B Corp, we are committed to upholding the highest standards of business practices and ethics. This action speaks directly to the need for strong legislation and regulation directed at increasing transparency and accountability within the Canadian life insurance industry. Our hope is that there will be lasting positive outcomes resulting from this action that will benefit all Canadians in addition to repairing the damage done to RBC policy holders.  Cove is a signatory to and champion for the 21^st Century Better Business Act  initiative spearheaded by Senator Julie Miville-Dechêne.

This page is intended to provide a resource for class members and other interested parties to monitor developments relating to this class action.