Mortgage Prepayment Fees – Quebec Class Action

Case name

Mortgage Prepayment Fees – Quebec Class Action

Quebec Superior Court file #

500-06-000930-186;

Violations

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;

Proposed Class

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.

Status

Pending Authorization hearing

Files – Mortgage Prepayment Fees Quebec Class Action

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2018-06-18T15:07:51+00:00