TORONTO, Sept. 12, 2003 (PRIMEZONE) -- A class action has been filed against MBNA Canada Bank for damages arising from interest rates charged by MBNA on cash advance transactions on MBNA Credit Cards.
The Statement of Claim was issued on September 9th in the Ontario Superior Court of Justice in Toronto. The claim alleges that the rates of interest charged by MBNA on cash advances, including "transaction fee interest charges", and the stated Annual Percentage Rate of interest, contravene the interest rate provisions of the Criminal Code. The Criminal Code prohibits interest charges in excess of 60% per year.
Stephen Markson, an MBNA customer, and holder of an MBNA Platinum Plus MasterCard, brings this action on behalf of all persons who hold or have held an MBNA Credit Card and who paid or have been charged, or will pay or will be charged interest on cash advances on such cards. The claim alleges that Mr. Markson was charged interest at the rate of 94.11 per cent year.
An application will be made to the Ontario Superior Court of Justice to certify the action as a class action.
The Statement of Claim can be viewed on the web sites of Paliare Roland Rosenberg Rothstein LLP (www.paliareroland.com) and Koskie Minsky (www.koskieminsky.com). Information about the class action can also be obtained via a toll free telephone information number, 1-877-309-3111, or by e-mail to mbnaclassaction@paliareroland.com or mbnaclassaction@koskieminsky.com.
Persons who wish to register as class members, pending certification of the class action, can do so on-line at www.paliareroland.com or www.koskieminsky.com or by telephone to 1-877-309-3111. If the action is certified as a class action, persons who do not wish to pursue their claims against MBNA or wish to pursue their claims on an individual basis may opt out of the class action and commence individual claims at their own expense.
Class members will not be required to pay any legal fees to the class lawyers unless the class action is successful at trial or the class action is settled on favourable terms to class members. The legal fees will be divided amongst the class members on a pro rata basis and deducted from the amount of compensation that the class members may ultimately receive. A judge of the Ontario Superior Court of Justice must approve the amount and division of any legal fees paid to counsel.
For further information: Marty Doane, Paliare Roland Rosenberg Rothstein LLP, 250 University Avenue, Suite 501, Toronto ON, M5H 3E5, e-mail: marty.doane@paliareroland.com, phone: 416-646-4302 OR Kirk Baert, Koskie Minsky, 20 Queen Street West, Suite #900, Box 52 Toronto, ON M5H 3R3, e-mail: kbaert@koskieminsky.com, phone: 416-977-8353.