The Superior Court of Justice approved identical third-party funding agreements in four related class actions against major Canadian banks.
The actions allege that the banks charged duplicative non-sufficient funds fees on single dishonoured pre-authorized debits.
The court, applying Section 33.1 of the Class Proceedings Act, 1992, found the agreements to be fair and reasonable, noting the staged success fee was comparable to or more advantageous than the Class Proceedings Fund levy.
The court confirmed the agreements preserved plaintiff control over litigation, ensured the funder's financial capacity for adverse costs, and included appropriate confidentiality and deemed undertaking provisions.
The defendants took no position on the motions.