310 LOANS CLASS ACTION SETTLEMENT NOTICE
UPDATED February 17, 2016
We have received a few reports of banks refusing to honor the settlement cheques as the VOID security feature can be seen on the front. If you encounter an issue cashing your settlement cheque, please have the bank contact:
Patrick M. Peralta,
Supervisor of Reconciliations, Epiq Systems Inc.
UPDATED February 5, 2016
The settlement benefit cheques have mailed out as of Friday, February 5, 2016. Please allow at least 10 business days (until February 22, 2016) for the cheques to arrive as they are coming from the Settlement Administrator in Portland, Oregon. We know from past class actions that the cheques will take this long to be delivered by post. Your patience is appreciated.
A settlement has been reached in Lee v. Direct Credit West Inc. et al, Court of Queen's Bench of Alberta, Court File No. 1201-06503.
A class action was certified in the Alberta Court of Queen's Bench against 310Loan. This action alleges that 310Loan has provided payday loans in a manner which is contrary to theCriminal Code and seeks to recover monies alleged to have been unlawfully received in relation to these loans. 310Loan denies these allegations, and they remain unproven.
On December 2, 2014, the Honourable Justice Campbell of the Alberta Court of Queen's Bench approved the settlement of this class action. The settlement does not constitute an admission by or a finding of liability against 310Loan, and is a compromise of disputed claims.
What are the terms of the settlement?
Each Class member submitting a claim is entitled to receive a refund of up to 100% of the Loan Fees they paid in relation to loans repaid in full within 160 days from the loan advance, plus interest, subject to reductions for legal expenses and repayment of any unpaid loans.
To fund the payment of claims, 310Loan will establish a Settlement Fund of $2,000,000. The precise amount of your refund will depend upon the total amount of the claims made against this Settlement Fund, may be reduced to pay your share of the legal expenses approved by the Court, and will be offset by any principal amount outstanding on your loans. If the amount of the Settlement Fund available to pay claims is less than the total amount of the claims made, you will receive a pro rata (reduced) share of the Settlement Fund.
The complete terms and conditions of this Court approved settlement are contained in the Settlement Agreement, which is found on the left side of this page.