August 14, 2012
Proposed Settlement Reached
On August 10, 2012, the parties entered into a proposed settlement of this action. The settlement agreement can be viewed here.
Under the settlement, BofA Canada Bank will pay $8 million in to a settlement fund. The settlement fund will be paid:
- To legal fees (subject to court approval, these will be 30% of the fund, $2.4 million, plus disbursements & taxes);
- 10% of the balance to the Class Proceedings Fund;
- $500,000 to charity; and
- the balance will be paid as credits to each MBNA cardholder who has an active MBNA credit card at the time the credits are processed.
Expanded Class Definition
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.
Notice of Proposed Settlement Hearing
The hearing to approve the settlement and class counsel fees will take place on October 11, 2012 at the Court House, 361 University Ave., Toronto, commencing at 10:00 a.m. Class Members are welcome to attend.