Mortgage Prepayment Fees – Quebec Class Action
Quebec Superior Court file #
Plaintiffs allege that when mortgage prepayment charges exceed 3-months interest, Class Members paying the Interest Rate Differential (“IRD”) suffer lesion within the meaning of article 2332 of the Civil Code of Quebec (“CCQ”). The penalty in the form of the IRD is also abusive pursuant to articles 1437 and 1623 CCQ and abusive under section 8 of Quebec’s Consumer Protection Act (“CPA”);
This class action seeks the reimbursement of the amounts overpaid by Quebec Class Members to Defendants on account of abusive mortgage prepayment charges, as well as punitive damages for the exploitation of Quebec consumers;
All persons, entities, partnerships or organizations resident or domiciled in Quebec, who, since May 31st, 2015, had a hypothecary loan and/or a collateral hypothec with any of the Defendants and who paid a mortgage prepayment charge in an amount that exceeds three months of interest as a result of paying off their mortgage early;
Remedies sought for consumers
Compensatory damages in the amounts paid in excess of 3-months of interest; and punitive damages in the amount of $1000.00 per Class Member.
Pending Authorization hearing