Money Mart Class Action – (Smith et al. v. National Money Mart et al.) – 2
June 5, 2009
A tentative settlement was reached in this matter. Under the terms of the proposed settlement, the award is comprised of $100 million, including $27.5 million in cash, $30 million in transferable credits to be distributed to Class Members, and approximately $43 million to release all debts owed by Class Members to Money Mart on April 30, 2009. The parties will appear before the Ontario Superior Court of Justice in early 2010 to ask the Court to approve the proposed settlement. Class Members may attend the hearing and may ask to make submissions regarding the proposed settlement. Class Members who wish to object to the proposed settlement will be given an opportunity to do so in accordance with directions to be provided by the court at a later date. Please review the Summary Settlement Agreement, below, for further details. A Detailed Settlement Agreement is being prepared. More information will be posted on this website from time to time as it becomes available.