Update: April 4, 2024 – a proposed settlement has been reached in this class action lawsuit. For more information on settlement benefits and deadlines, as well as your legal rights and options, please visit this website:
Under the proposed Settlement, Haventree and its insurer have agreed to pay an all-inclusive Settlement Amount of $1,500,000. Payments to Settlement Class Members with Approved Claims will not exceed $5,000 per mortgage, but could be less than that amount per mortgage. This amount will be divided evenly between any Settlement Class Members with Approved Claims related to the same mortgage.
Class Counsel will also seek the approval of an Honourarium of $15,000 for the Representative Plaintiff and Class Counsel Fees in the amount of $450,000 plus HST and disbursements (estimated to be approximately $49,000).
After satisfying all Approved Claims, the Honourarium, Class Counsel Fees, Administration Expenses, interest, and applicable taxes, any excess or remaining amount of the Settlement Amount will be donated to a cy-près recipient – a charitable organization – to be jointly agreed to by the Parties and approved by the Court.
The proposed Settlement must be approved by the Court to become effective. The Court will decide whether or not to approve the Settlement on Friday, June 28, 2024 at 10:00am EST virtually over Zoom at the Ontario Superior Court of Justice, 330 University Avenue, Toronto, ON M5G 1R7.
Update: a proposed class action commenced.
The proposed class action seeks damages for unlawful overcharging of interest and fees on automatically renewed Haventree Bank mortgages.
As plead, Haventree Bank has processed automatic renewals of mortgages without the knowledge, consent, or signature of mortgage borrowers, and has subsequently then charged the borrowers unlawfully high interest rates and fees.
Haventree Bank was created pursuant to an amalgamation and has operated as its own entity since 2018. Before that, operations (including the practice of mortgage lending) carried on under the name and entities associated with “Equity Financial Trust Company”.
The law firms of Landy Marr Kats LLP and McKenzie Lake Lawyers LLP have commenced the proposed class action against Haventree Bank.
If you are someone who has, or previously had, a Haventree Bank mortgage or mortgage product that was automatically renewed, please email us at haventreebankclassaction@lmklawyers.com