Paliare Roland Rosenberg Rothstein LLP

June 16, 2009 10:03 ET

Class Action Settlement Against Cash Money Cheque Cashing Inc. Receives Court Approval

TORONTO, ONTARIO--(Marketwire - June 16, 2009) - A class action has been certified, and settlement has been approved by the Ontario Superior Court of Justice in the class action brought against payday lender Cash Money Cheque Cashing Inc., in respect of all claims related to the payment of excessive interest, other than in the Provinces of British Columbia and Quebec. The settlement has been made without any admission of liability by Cash Money.

Under the terms of the settlement, every person who was a Cash Money payday loan customer up to June 15, 2009 will be entitled to receive a voucher valued at $50.00 which will be fully transferable, and may be used to pay for any payday loan services provided by Cash Money, including as partial repayment of any current outstanding loan, or future loan. Based on the estimated class size, up to $5,700,000.00 worth of vouchers will be available to be claimed by the Class Members. To qualify to receive a payment, customers must complete a voucher claim form and submit it to Cash Money. Claim forms will be available at any Cash Money location outside of British Columbia, and will be available for download at www.cashmoneyclassaction.com.

In addition to the vouchers, Cash Money will pay to the Ontario Class Proceedings Fund an amount equivalent to 10% of each redeemed voucher. The settlement has a total potential value of up to $6,270,000.00, plus legal costs to be paid to Class Counsel. Further information regarding the settlement is available at www.cashmoneyclassaction.com.

Contact Information

  • Paliare Roland Rosenberg Rothstein LLP
    Margaret Waddell
    416-646-4329