A class action lawsuit about BMO’s hidden foreign exchange fees on currency conversions has settled in the Superior Court of Justice for $100 million. Justice Edward Belobaba made the decision to approve the settlement agreement in the MacDonald et al v. BMO Trust Company et al case, which was made public June 17.
The decision will award the Class Action Clinic at Windsor Law approximately $250,000 in left-over or ‘cy-pres’ funds.
Clinic director and Windsor Law professor Jasminka Kalajdzic says the funds will go towards expanding clinic services.
“The clinic is honoured to have been selected by the parties in the action as a cy-pres recipient, so that we may provide services that benefit these and other class members,” says Prof. Kalajdzic.
Plans include to bring the part-time staff lawyer on full-time, and to develop and maintain a website for notices of class action settlements.
“The expanded web service will serve as a central repository for settlement notices. Unfortunately, some people don’t know they are part of a class action settlement so the money will often go unclaimed,” says Kalajdzic.
Since its launch in 2019, the Class Action Clinic has provided legal services, information, assistance with filing claims in settlement distribution processes, public education and outreach. Kalajdzic identified an information gap that could be addressed through the clinic. The cy-pres award will allow for more research and advocacy around consumer protection to increase public awareness.
To learn more about the Class Action Clinic, visit its website.