The Superior Court of Justice approved a class action settlement concerning the defendant's practice of automatically renewing mortgages at increased interest rates.
The court found the $1.5 million settlement to be fair, reasonable, and in the best interests of the class, noting the arm's length negotiation and lack of objections.
Class counsel fees of $450,000 plus HST and disbursements were approved, being less than their hourly rate calculation and reflecting the significant risk undertaken.
However, the requested $15,000 honorarium for the representative plaintiff was denied, as the court determined her contributions, while appropriate, did not meet the 'exceptional circumstances' threshold required for such an award.
