The Financial Post reports in its Saturday, July 30, edition that three wealth management companies owned by Bank of Nova Scotia have agreed to pay $20-million to clients and $850,000 to the Ontario Securities Commission to resolve a case in which the bank mistakenly overcharged mutual fund investors. The Post's Drew Hasselback writes that the "no contest" settlement reached between OSC staff and Scotia Capital, Scotia Securities and Holliswealth Advisory Services was approved Friday at an OSC hearing. The bank reported the overcharges to the OSC in February after it discovered the errors. The OSC looked into the matter and concluded the overcharges were unintentional. The "no-contest" settlement means the Scotia dealers have not formally admitted wrongdoing. At the same time, the dealers do not deny the facts and conclusions of OSC staff. The OSC said in a statement: "This settlement follows allegations by OSC staff that there were inadequacies in the Scotia dealers' systems of controls and supervision, which resulted in certain clients paying excess fees that were not detected or corrected in a timely manner. OSC staff do not allege, and have found no evidence of dishonest conduct by the Scotia dealers."