US court backs RBC in rev conv case

Canada’s RBC Capital Markets has copped out of a class action by US investors who claimed they lost approximately $1.1 million after investing in reverse convertible notes (RCN). On July 11 2019, the US District Court for the District of Minnesota dismissed a common law negligence, breach of fiduciary duty, and breach of contract class action against the Canadian bank, in which investors claimed that RBC was subject to but failed to abide by Finra regulations in the sale of reverse conver