Quik Payday Inc.

December 21, 2006 11:05 ET

Class Action Settlement Approved Against, Quik Payday Inc.

TORONTO, ONTARIO--(CCNMatthews - Dec. 21, 2006) - A settlement has received court approval in a class action lawsuit brought against the now defunct internet-based payday lender, Quik Payday Inc., and its US parent.

The settlement will see Quik Payday Inc. pay all of its remaining assets into a settlement fund, which will be used to repay to customers a portion of the interest and fees they paid at the time the payday loans were advanced, and to pay for the costs of the action and settlement administration. Settlement funds will only be available to customers who did not default on the repayment of any of their loans with Quik Payday. To qualify to receive a payment, customers will have to complete a claim form on or before March 1, 2007. The claim form is available on-line at www.claimsadministrator.ca/payday. The amount of the settlement payment each customer will receive will depend upon the number of people who complete the claims.

In addition to the payments to customers in good standing, Quik Payday has agreed that it will take no collection action against any of its customers who defaulted on their payday loans.

Class counsel in this action is the law firm Paliare Roland Rosenberg Rothstein LLP. More details regarding the claim, and the settlement, including a full copy of the settlement agreement and court order approving the settlement are available on the website of Paliare Roland Rosenberg Rothstein LLP (www.paydaylendersclassactions.com). All customers of Quik Payday Inc. will be bound by this settlement unless they complete and deliver an opt-out form and deliver it to class counsel on or before February 2, 2007. The opt-out form is available on-line at www.paydaylendersclassactions.com, as well.

Contact Information

  • Paliare Roland Rosenberg Rothstein LLP
    Margaret Waddell
    (416) 646-4300
    Email: marg.waddell@paliareroland.com
    Paliare Roland Rosenberg Rothstein LLP
    250 University Avenue, Suite 501
    Toronto ON, M5H 3E5