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by Mike Caswell

RBC Direct Investing Inc. is being sued in the Supreme Court of British Columbia by Vancouver resident Pearl Cheng, who claims that RBC allowed multiple unauthorized transactions in her account. She says that RBC's actions inflicted losses that amounted to $55,723 (U.S.), nearly her entire balance. Ms. Cheng is asking for a judgment in that amount.

The allegations are contained in a notice of claim that Ms. Cheng filed at the Vancouver courthouse on Monday, Aug. 10. The case arises from a trading account that Ms. Cheng's adviser at RBC opened for her in January, 2022. Ms. Cheng claims that she did not personally complete the account opening forms, nor did she receive copies of the resulting documents at the time. Ms. Cheng made deposits into the account that resulted in a balance of $59,426 (U.S.) as of December, 2023.

The problems, as set out in the suit, arise from a series of "incorrect, unauthorized or erroneous orders" that RBC allowed somebody to place in the account. These relate in part to a trade in Intel Corp. on Aug. 12, 2024, that Ms. Cheng says she did not authorize or approve. "RBC Direct Investing has not provided the Plaintiff with the order number or sufficient records identifying the person who placed or authorized the transaction," the suit reads.

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