Class Actions
MBNA Class Action
Status:
THE OPT-OUT PERIOD HAS EXPIRED
This action has been certified as a class proceeding. The parties are proceeding to the discovery and exchange of document stage. On February 10, 2009, this action was granted funding by the Class Proceedings Fund. The Fund will pay certain ongoing disbursements and provide indemnification for any adverse cost awards. In turn, the Fund will receive 10% of any settlement fund or judgment.
On May 2, 2007, the Court of Appeal for Ontario reversed the lower Courts’ decisions, and certified this action as a class proceeding. Leave to appeal to the Supreme Court of Canada was denied.
Notice of Certification
Avis de Certification d'un Recours Collectif
Reasons for Decision of the Court of Appeal for Ontario
Order of the Court of Appeal for Ontario
Order of the Supreme Court of Canada
The Claim:
This class action was commenced on September 9, 2003. The law firms Paliare Roland Rosenberg Rothstein LLP and Koskie Minsky LLP are class counsel.
The claim alleges that MBNA receives interest at a criminal rate in certain circumstances as a result of the flat fees it charges in respect of cash advances. Damages are sought on behalf of the class for repayment of the interest paid that exceeds the criminal rate. An injunction is also sought to compel MBNA to stop receiving interest at a criminal rate.
For more details:
Amended Statement of Claim
Statement of Defence
Reasons of Cullity J. dated July 28, 2004
Reasons of the Divisional Court
Questions concerning this action which were not answered by your visit to our site should be directed to the toll free hotline:
1.877.309.9111
or e-mail:
info@mbnaclassaction.ca
For further information concerning our class action cases or any potential cases, please contact Margaret Waddell or Odette Soriano via e-mail or telephone 416.646.4300.
