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.