Settlements and Verdicts

Money Mart Canada Settles Class Action for $100 Million

The details of a proposed settlement of a class action lawsuit against Money Mart, and its U.S. parent company Dollar Financial, were made public today.

The 264,000 plaintiffs, who owe a total of $43 million, will have their debts forgiven, and Money Mart must pay the complainants a total of $27.5 million in cash, and $30 million in coupons redeemable against future loan transactions. The estimated average final payout to the plaintiffs is $380.00.

The lawsuit, filed in 2003, alleged that the money lender was charging rates of interest that were illegal. The complaint alleged that the fees charged for so called 'fast cash advances' should be considered part of the 'criminal interest rate.'

JUN-11-09: Money Mart Canada Settles Class Action for $100 Million [THE WINDSOR STAR: MONEY MART SETTLES CLASS ACTION FOR $100 MLLION]

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