Class Actions
MBNA Class Action
Status Update:
The Plaintiff has been engaged in a lengthy and complicated analysis of data obtained from MBNA, and is reviewing examples of cardholder accounts where cash advances have been taken to determine the frequency of MBNA receiving interest in excess of an effective annual rate of 60%. The analysis is nearing completion.
In July 2011, the examination for discovery of a representative of MBNA took place, at which time a number of admissions were made by MBNA.
Based upon those admissions and the information that has been obtained from MBNA, Class Counsel has decided that it is appropriate to bring a motion for summary judgment with respect to the questions of MBNA’s liability to the Class.
On August 18, 2011 a case conference was held before the case conference judge, Madam Justice Horkins, and the motion for summary judgment on the common issues relating to liability was scheduled for 5 days beginning on June 25, 2012. The motion will be heard in Toronto, at the Superior Court of Justice.
THE OPT-OUT PERIOD HAS EXPIRED
On May 2, 2007, the Court of Appeal for Ontario reversed the lower Courts' decisions, and certified this action as a class proceeding. The class includes all MBNA cardholders up to January 31, 2008, who have not already opted out of the action.
This action was granted funding by the Class Porceedings 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.
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
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
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.
