National Bank et al. – Movable mortgage costs
Notice of Settlement
Class action concerning the fees charged by the National Bank of Canada following the default of a borrower under his mortgage loan and the sending of a notice of exercise of a mortgage right
(Quebec Superior Court NO: 700-06-000009-185)
TAKE NOTICE that on July 5, 2021, the Superior Court approved the settlement reached within the framework of the class action concerning the fees billed by the National Bank of Canada (the “Bank”), following the default of a borrower under of his mortgage loan and the sending of a notice of exercise of a mortgage right. The persons concerned by this class action and this settlement are as follows: all persons to whom notice of the exercise of a hypothecary right was given by the defendant, National Bank of Canada, and from whom it was required by the defendant and/or its employees, representatives, mandataries or attorneys for the fees and/or costs to recover the capital, or interest secured by the mortgage or to keep the collateral, and this, for the period from May 10 2015 until judgment approving the settlement (“Class Members”).
Within the framework of this settlement, the Bank agrees to pay, without any prejudice or admission and for the sole purpose of avoiding the costs and delays inherent in a dispute, an indemnity to certain Members of the Group in full and final settlement. of all claims against it. It is important to note that only Class Members meeting certain established conditions will be eligible for this indemnity.
First, it is provided in the Settlement Agreement that no indemnity will be paid to the following Class Members: (a) those against whom the Bank has exercised a hypothecary recourse of taking in payment; and (b) those against which the Bank has exercised a hypothecary remedy of sale under judicial authority resulting in a realizable value less than the Bank’s claim.
In addition, the Settlement Agreement provides that only the following costs and fees, billed to Class Members, will be subject to compensation under this settlement: insurance costs, collection costs, management costs monthly, maintenance or repair costs and attorneys’ fees and disbursements (the “Eligible Expenses”). Other costs and fees billed to Class Members will not be subject to compensation.
The Settlement Amount will be distributed, less the fees, legal disbursements, out-of-court disbursements and applicable taxes of the plaintiff’s lawyers, on a pro rata basis, to the Class Members to whom, according to its records, the Bank has invoiced Eligible Expenses.
If you are a Class Member, we invite you to consult the detailed notice of settlement approval without delay in order to obtain additional information on this class action and its settlement, and to determine whether or not you are eligible to receive compensation. Please read this detailed notice carefully as the settlement may impact your rights. The detailed notice can be consulted on the following website: www.paquettegadler.com.
Insofar as you are eligible, you do not have to take any steps to obtain your compensation. The Bank will send a check to the last known address of eligible Class Members.
In the event of any discrepancy between this notice and the Settlement Agreement, the Settlement Agreement prevails. For any questions regarding this class action and its settlement, please contact Class Counsel:
Me Guy Paquette
Me Annie Montplaisir
PAQUETTE GADLER INC.
353 Saint-Nicolas, Suite 200
Montreal (Quebec) H2Y 2P1
Phone: (514) 849-0771
Mr. Fredy Adams
ADAMS LAWYER INC.
9855, rue Meilleur, Suite 215
Montreal (Quebec) H3L 3J6
Phone: (514) 848-9363
Judgement of Approval the transaction, class counsel fees and notices finals
5 July 2021
Vera Madic Judgment approving the transaction with National Bank