This class proceeding concerns alleged illegal interest charges in relation to MBNA credit cards. The claim alleges that the flat fee MBNA charges in respect of cash advances constitutes interest and exceeds the maximum rate permitted by the Criminal Code (an effective annual rate of 60 per cent). The action seeks damages for repayment of the interest paid that exceeds the criminal rate and an injunction to compel MBNA to stop this practice.
The class of persons this class proceeding represents is set out in the certification order. Generally, it is comprised of all persons living in Canada who owned an MBNA credit card at any time prior to March 12, 2008 from which cash advances could be obtained.
Under the proposed settlement, the class will be expanded to include anyone who held an MBNA or Cuets Financial credit card up to November 30, 2011.
Koskie Minsky LLP and Paliare Roland Rosenberg Rothstein LLP are appointed as class counsel.
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