Haventree Mortgage Renewal Settlement

IF YOU HAD A MORTGAGE HELD BY HAVENTREE BANK THAT WAS INVOLUNTARILY AND/OR AUTOMATICALLY RENEWED, YOU MAY BE ENTITLED TO A SETTLEMENT DISTRIBUTION.

 

What is this class action about?

This lawsuit alleges, among other things, that Haventree Bank, also known as Banque Haventree, (“Haventree”) breached the terms of its contracts with Settlement Class Members in connection with the involuntary and/or automatic renewal of certain mortgages, resulting in additional interest, costs and fees.

 

None of the allegations against Haventree have been proven and Haventree has not been found liable for any of the claims raised in this lawsuit. The Parties have instead proposed a Settlement in order to avoid lengthy litigation (the “Settlement”).

 

Proposed Settlement

Under the proposed Settlement, Haventree and its insurer have agreed to pay an all-inclusive Settlement Amount of $1,500,000. Payments to Settlement Class Members with Approved Claims will not exceed $5,000 per mortgage, but could be less than that amount per mortgage. This amount will be divided evenly between any Settlement Class Members with Approved Claims related to the same mortgage.

 

Class Counsel will also seek the approval of an Honourarium of $15,000 for the Representative Plaintiff and Class Counsel Fees in the amount of $450,000 plus HST and disbursements (estimated to be approximately $49,000).

 

After satisfying all Approved Claims, the Honourarium, Class Counsel Fees, Administration Expenses, interest, and applicable taxes, any excess or remaining amount of the Settlement Amount will be donated to a cy-près recipient – a charitable organization – to be jointly agreed to by the Parties and approved by the Court.

 

Settlement Approval Hearing

The proposed Settlement must be approved by the Court to become effective. The Court will decide whether or not to approve the Settlement on Friday, June 28, 2024 at 10:00am EST virtually over Zoom at the Ontario Superior Court of Justice, 330 University Avenue, Toronto, ON M5G 1R7.

 

The Court will also consider whether to approve the Honourarium of $15,000 for the Representative Plaintiff and how much of the Class Counsel Fees requested ($450,000 plus HST and disbursements (estimated to be approximately $49,000)) are approved and can be paid from the Settlement Amount.The date and time of the Settlement Approval Hearing may be rescheduled without further notice to you; so, please check this website regularly for updates.

 

Who can participate?

Persons in Canada, including their heirs, estates, executors, trustees or personal representatives, whose mortgages held by Haventree were involuntarily and/or automatically renewed, and who paid any amount of additional interest, costs, and fees as a result are each known as “Settlement Class Members” and are collectively the “Settlement Class.” Settlement Class Members may be entitled to Settlement benefits if they submit a valid and timely Claim that is approved pursuant to the claims process described in the Distribution Protocol and approved by the Court.

 

Summary of Your Legal Rights and Options

 

Exclude Yourself (Opt Out)

 

You can exclude yourself from the Settlement (opt out), in which case, you will not be eligible to receive any Settlement benefits.

 

If you wish to exclude yourself from the Settlement and preserve your legal rights against Haventree, you must submit a signed and completed Opt-Out Form to the Claims Administrator, by mail or email, no later than June 4, 2024.

 

For a copy of the Opt-Out Form, please click here.

 

For more details about opting out, please visit the FAQ Section of this website.

 

Object to the Proposed Settlement

 

You can object to the proposed Settlement and attend the Settlement Approval Hearing to present that objection. If you wish to object, please submit a signed written objection statement to the Claims Administrator, by mail or email, no later than June 4, 2024.

 

If you opt out of the class action, you may not object to the Settlement.

 

For more details about objecting, please visit the FAQ Section of this website.

 

Submit a Claim

 

If the Court approves the Settlement, you can participate by submitting a Claim for Settlement benefits. If you wish to participate, you are not required to do anything until after the Settlement is approved.

 

If the Court approves the proposed Settlement, more information will be provided on this website about how to submit a Claim.

 

Do Nothing

 

If the Court approves the proposed Settlement and you do nothing at all, you will not receive any Settlement Payment from the proposed Settlement.

 

In order to receive a Settlement Payment, you must submit a valid and timely Claim Form. Unless you exclude yourself (opt out), you won’t be able to start a lawsuit, continue a lawsuit, or be part of any other lawsuit against Haventree, or other related entities or individuals, about the legal issues in this case. However, even if you take no action, you will keep your right to sue Haventree for any other claims not resolved by the proposed Settlement, subject to any applicable limitation periods.

 

We recommend you take a few minutes to view the FAQ Section for further details about this class action and the proposed Settlement.