RBC Ordered to Pay $2.5M to Wrongfully Dismissed Planner

A top-performing financial planner at Royal Bank of Canada (RBC) was wrongfully dismissed after nearly 12 years of service, according to a ruling by the Ontario Superior Court of Justice.

Ravini Silva worked at RBC from 2006 until her dismissal in April 2018. She managed a $150-million book of business and ranked No. 1 among financial planners in the Greater Toronto Area and No. 3 nationally in 2015 and 2016.

The court found that RBC 'ambushed' Silva by going 'nuclear, looking for infractions and manufacturing violations where none existed.' The judge criticized the investigations leading to Silva's termination, calling them 'deeply flawed' and lacking impartiality.

Silva was awarded about $2.5 million in damages, plus prejudgment interest and certain pension and benefit amounts. She also received $1.92 million for lost earning capacity and $313,333 representing 16 months' reasonable notice.