Landing Page – Prepaid Credit Cards

Landing Page – Prepaid Credit Cards

Court Awards $16.8 million to Ontario Consumers

On May 13, 2019, the Superior Court of Justice granted judgment to the plaintiffs.

In a ground-breaking class action on behalf of Ontario consumers, Justice Perell ruled that the defendant, Peoples Trust, must repay $15.3 million of fees and unused balance that it seized from consumers of its prepaid gift cards. He also ordered the defendant to pay $1.5 million in punitive damages. Justice Perell declined to award any damages in respect of defendant’s reloadable prepaid cards.

Both parties have 30 days within which to appeal the decision. If the case is not appealed, the next step will be for the Court to determine how the funds should be distributed to Ontario consumers.

To read the decision, click here.

For more information, contact Jonathan Schachter at 416-572-7319.