What is the lawsuit about?

The claim alleges that, during the class period , Cash Money charged and received interest at an effective annual rate in excess of 60%, which exceeded the maximum interest rate permitted at law, and therefore Cash Money has been unjustly enriched, and should repay to the Class Members the excess interest it received.

A Settlement has been reached between the Plaintiff and Cash Money, and has been approved by the Ontario Superior Court of Justice.

The Settlement Agreement is not an admission of liability on the part of Cash Money. If the action was to proceed, Cash Money would raise defences about whether the interest was excessive, and would claim set-offs for overdue loans owing to it.

Why is this a Class Action?

In a Class Action one or more people called “Class Representatives” (in this case, Brad Moyle) sue on behalf of people who have similar claims. All of these people or entities are a “Class” or “Class Members.” One court resolves the issues for all Class Members, except for those who exclude themselves from the Class.

How do I know if I am part of the Settlement?

You are a Class Member if you were a payday loan customers of Cash Money Cheque Cashing Inc., and obtained one or more payday loans in the following provinces during the times set out below:

• Manitoba: from June 16, 2009 up to and including October 17, 2010;
• New Brunswick: from June 16, 2009 up to and including December 15, 2011;
• Nova Scotia: from June 16, 2009 up to and including July 31, 2009, or
• Ontario: from June 16, 2009 up to and including December 14, 2009.

There are approximately 41,000 Class Members.

What does the Settlement Provide?

Under the terms of the Settlement Agreement, Cash Money will pay $1,350,000 into a Settlement Fund, which will be distributed pro rata among all Class Members who complete a valid claim form, after deduction of class counsel’s legal fees as approved by the Court. The amount of the payment to any Class Member will depend upon the total number of claims received by the claims administrator, as well as any outstanding principal and/or legal interest owing to Cash Money by the claiming Class Member. The maximum amount payable to any Class Member will be $250.

Cash Money will also provide each Class Member with a $35 voucher, that will be redeemable against any outstanding amounts owing to Cash Money, or that may be applied towards future services from Cash Money. If redeemed, the vouchers have a combined value of approximately $1,470,000.

More details are in a document called the Settlement Agreement, which is available here.

How can I participate in the Settlement?

A $35 voucher and a claim form will be mailed to the last known address of all Class Members. In order to participate in the cash portion of the settlement, you must fill out the claim form and submit it to the address of the claims administrator on the form, or complete an online claim form by no later than July 16, 2012.

If you do not submit a claim form, you will not receive a payment. No claim forms will be accepted after July 16, 2012.

If you do not receive a claim form in the mail and you believe you are part of the class, or if you received a claim form but prefer to submit your application online, you may do so here.

Please read the instructions carefully, fill out the Claim Form, and either submit it online or mail it to be received no later than July 16, 2012 to:

Cash Money Settlement Administrator
PO Box 4175
Toronto Station A
Toronto, ON M5W 0E6

How do I get out of the Settlement?

If you do not wish to be bound by the certification of this action as a class proceeding, and do not wish to participate in the settlement, you must send a written opt out notice to:

Cash Money Settlement Administrator
PO Box 4175
Toronto Station A
Toronto, ON M5W 0E6

Your opt out notice must be received by the Claims Administrator by no later than March 15, 2012, or it will not be valid, and you will be bound by the terms of the Settlement Agreement.

Do Not Opt Out if you want to Participate in the Settlement.

If I exclude myself, can I get anything from the Settlement?

No. If you exclude yourself now you will not get anything from the Settlement. If you ask to be excluded, you will not receive a cash payment, and you cannot object to the Settlement, but you may sue, continue to sue, or be part of a different lawsuit against Cash Money Cheque Cashing, Inc. in the future. You will not be bound by anything that happens in this Settlement.

If I don’t exclude myself, can I sue later?

No. Unless you exclude yourself, you give up the right to sue for any claims concerning Cash Money Cheque Cashing, Inc. that were raised in this lawsuit. You must exclude yourself from this Class to start or continue your own lawsuit that addresses the claims brought against Cash Money by Brad Moyle.

Do I have a lawyer in the case?

Paliare Roland Rosenberg Rothstein LLP are class counsel.
Class Counsel can be reached at:

Paliare Roland Rosenberg Rothstein LLP
250 University Ave.
Suite 501
Toronto, ON M5H 3E5

A copy of the Statement of Claim, the Settlement Agreement and the Claim Form will also be posted on their website at www.paliareroland.com/cashmoney.asp

How will the costs of the lawsuit and Settlement be paid?

The Court has approved Class Counsel’s fees in the total amount of $125,000 plus HST, and $3,713.22 for disbursements and applicable taxes. The fees are to be paid from the cash portion of the Settlement Fund. Class Members are not responsible for paying any part of Class Counsel’s fees directly. These amounts will compensate Class Counsel for their efforts in prosecuting this case and for their out-of-pocket expenses.

What happens if I do nothing at all?

If you are a Class Member and do nothing, you will not receive a payment from this Settlement. And, unless you exclude yourself, you won’t be able to start a lawsuit, continue with a lawsuit, or be part of any other lawsuit against the Defendant that deals with the issues raised in this lawsuit.

How do I get more information?

More details are in the Settlement Agreement. You can get a copy of the Settlement Agreement, download a Claim Form and review additional case information on this website, here.

A copy of the Statement of Claim, the Settlement Agreement and the Claim Form will also be posted on Class Counsel’s website at www.paliareroland.com/cashmoney.asp