Class Actions
| IMPORTANT NOTE:
This website has been developed to provide general information
to potential class members on a number of class actions that
have been commenced concerning pay day loans.
The site is not designed to answer questions about your individual
situation or entitlement. Do not rely upon the information provided
on this website as legal advice in respect of your individual
situation nor use it as a substitute for individual legal advice.
The information collected about potential class members will
assist counsel in prosecuting the class action and assessing
what damages were suffered by the class as a whole. Providing
the information requested does not make you the client of Koskie
Minsky LLP or Paliare Roland Rosenberg Rothstein LLP. The court will ultimately decide who will be
included as a class member.
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CASH MONEY CHEQUE CASHING INC. CLASS ACTION
CASE SUMMARY
- A class action has been certified against Cash Money Cheque Cashing Inc. (“Cash Money”) by Kenneth Mortillaro, on behalf of all persons resident in Canada, (excluding British Columbia and Quebec, and excluding the Defendant, its officers, directors, or affiliated companies) who obtained one or more payday loan(s) from Cash Money on or before June 15, 2009. The main allegation in the lawsuit is that Cash Money charges a criminal rate of interest on its payday loans in violation of section 347 of the Criminal Code of Canada. Section 347(2) of the Criminal Code defines criminal rate as “an effective annual rate of interest calculated in accordance with generally accepted actuarial practices and principles that exceeds 60% on the credit advanced under an agreement or arrangement.”
- Cash Money has charged and continues to charge a fee of $20 per $100 borrowed, and the claim alleges that the $20 fee constitutes a criminal rate of interest.
- The law firms of Paliare Roland Rosenberg Rothstein LLP (Toronto) and Koskie Minsky LLP (Toronto) have agreed to act together to prosecute this action.
SETTLEMENT
- After extensive negotiations, the parties have entered into Minutes of Settlement which have been approved by the Court, as of June 15, 2009.
- Under the settlement, each person who has taken one or more payday loan(s) from Cash Money, on or before June 15, 2009, may apply for (1) one $50.00 voucher that may be used towards a future payday loan or towards repayment of an outstanding payday loan. The voucher is fully transferable.
- The Court Order approving the settlement and certifying the action was made on June 15, 2009.
- A Press Release regarding the Court’s Order for certification and settlement approval was issued on June 16, 2009.
- Please click here to obtain a Voucher Application Form.
- If you DO NOT want to be part of this class action or to be bound by the terms of the settlement, please click here to obtain an Opt Out Application Form.
- Every class member who does not opt out of this action will be bound by the terms of the settlement, and all claims against Cash Money up to June 15, 2009 relating to the legality of its payday loans will be released.
COURT FILINGS
- The Statement of Claim was issued on October 21, 2003.
- To read the Plaintiff's Motion Record for certification and settlement approval, please click here: Volume 1, Volume 2, Volume 3.
For further information contact info@cashmoneyclassaction.com.