Cash Money Cheque Cashing Inc. Class Action
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.”
On June 15, 2009, the Ontario Superior Court of Justice approved the settlement of the class action on the terms set out in the Minutes of Settlement, below. A Press Release issued on June 16, 2009, also accessible below, contains general information concerning the settlement. We invite you to review the website for these and other relevant documents and settlement forms.
The claims deadline expired on March 15, 2010.
The law firms of Paliare Roland Rosenberg Rothstein LLP (Toronto) and Koskie Minsky LLP (Toronto) have agreed to act together to prosecute this action.
-
Latest Developments
-
August 31, 2010
The deadline to submit claims for the settlement expired on March 15, 2010.
-
February 3, 2010
Voucher claim forms must be submitted by March 15, 2010
-
September 15, 2009
The opt-out period expired.
-
June 16, 2009
A Press Release regarding the Court’s Order for certification and settlement approval was issued on June 16, 2009.
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.
-
June 15, 2009
After extensive negotiations, the parties have entered into Minutes of Settlement which have been approved by the Court.
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. Please click here to obtain a Voucher Application Form.
The Court Order approved the settlement and certified the action on June 15, 2009.
-
August 31, 2010
-
News Releases and Reports
-
Documents
-
FAQS
What is a class action?
A class action is a lawsuit which provides a method for a large group of people with common claims to join together to advance one large claim. Class actions are a more efficient and cost-effective way for groups of people with common claims to gain access to the legal system and seek justice.
What does certification mean?
In order for an action to proceed as a class action, the court must determine whether it is appropriate for the case to be treated as a class action. Some of the factors the courts consider are the extent to which the claims of the class members are common, and whether a class action is preferable to other methods (such as individual actions) of advancing the issues. The decision as to whether a class action should be certified takes place at a certification hearing and is decided by a judge. If certified, a representative plaintiff will advance the action on behalf of all of the class members.
How do I know if I am a Class Member?
The certification order will always contain a description of who is a class member. We post the certification orders in our actions so that you can review them. You do not need to “sign up” to become involved in a class action. If you are included in the class description, you are automatically a class member who will be affected by the outcome of the class action unless you decide to “opt out”.
Are Class Members notified of the certification of the class proceeding?
Yes. After the claim has been certified, the court will authorize notice to be given to the members of the class.
Can I opt out of a class action and pursue independent legal action?
Yes. When a class action is certified, class members are always given an opportunity to opt out of the action. A deadline is imposed for opting out. If you do not opt out by the given deadline, class members will be bound by the outcome of the class action, whether it is successful or unsuccessful. If you opt out, you will not receive any benefit if the action is successful.
Will there be any cost to class members for legal fees?
Typically, class actions are handled on a contingency fee basis, which means that the class action lawyers will be paid only if the class action is successful at trial or settled. In that case, class counsel fees may be paid by the defendants or out of the settlement or judgment proceeds as approved by the court. In addition, the plaintiff may seek funding assistance from the Class Proceeding Fund which, if funding is granted, may provide funding for disbursements.
I still have questions…
Please feel to contact us by using the contact information on this site.
-
Contacts
416-977-8353
