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Settlement Agreement in Earl Jones Class Action (Virginia Nelles V. RBC)

TORONTO, March 6, 2012 — In the case of Virginia Nelles (representing clients of Earl Jones) v. RBC, RBC is pleased to have reached a negotiated settlement agreement, pending approval by the Superior Court of Québec, of the Re-Amended Class Action.

RBC has closely examined its role in providing Earl Jones with a bank account and is satisfied that it was not negligent. The proposed settlement amount of $17 million is the result of many months of discussion between RBC and the class-plaintiffs and seeks to address some of the financial difficulties the class-plaintiffs faced as a result of entrusting Mr. Jones with their financial affairs.

The proposed settlement amount will not be final until the court approval process is completed and is not material to RBC earnings.

More information:

Rina Cortese, Media Relations, RBC, (416) 974-5506, rina.cortese@rbc.com