Paliare Roland Rosenberg Rothstein LLP

Koskie Minsky LLP

December 03, 2007 11:27 ET

Class Action Certified Against MBNA Canada Bank

TORONTO, ONTARIO--(Marketwire - Dec. 3, 2007) - On May 2, 2007 the Ontario Court of Appeal granted certification of a class proceeding against MBNA Canada Bank. On November 15, 2007, the Supreme Court of Canada denied the defendant's motion for leave to appeal, therefore the certification order is now final. The claim is brought on behalf of all persons in Canada who at any time prior to January 31, 2008 hold, or have held, an MBNA credit card on which cash advances could be obtained.

The claim alleges that in certain circumstances the fee charged by MBNA Canada Bank in respect of cash advances taken using an MBNA credit card can result in MBNA Canada Bank receiving interest in excess of an effective annual rate of 60%, which is alleged to be in breach of s. 347 of the Criminal Code. The claim seeks repayment to the Class of all interest received by MBNA Canada Bank in respect of cash advances that exceeds an effective annual interest rate of 60%. It also seeks a permanent injunction to prohibit MBNA from continuing to receive interest in excess of an effective annual rate of 60%. None of the allegations has yet been proven in court nor has the court ruled upon the propriety of MBNA Canada Bank's practices. MBNA Canada Bank denies liability.

The full decision of the Ontario Court of Appeal and the Notice of Certification as a Class Proceeding can be accessed at www.mbnaclassaction.ca or www.koskieminsky.com/client_links/MBNA_Canada_Bank/home.aspx.

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