Haventree Automatic Mortgage Agreement Renewals
Update: April 4, 2024
We are pleased to announce that a proposed nationwide settlement has been reached in Haventree Automatic Mortgage Renewal Class Action: Vistoli v Haventree Bank.
The lawsuit alleges that Haventree Bank breached the terms of its contracts with Settlement Class Members in connection with the involuntary and/or automatic renewal of certain mortgages without the Settlement Class Members’ consent, resulting in additional interest, costs and fees. Haventree Bank denies those allegations, and the Court did not decide who was right. The Parties have instead decided to settle the lawsuit.
Under the proposed Settlement, Haventree Bank and its insurer have agreed to pay an all-inclusive Settlement Amount of $1,500,000 to pay successful Settlement Class Member claims as well as certain fees and expenses, including an Honourarium of $15,000 to the Representative Plaintiff and Class Counsel Fees in the amount of $450,000 plus HST and disbursements (estimated to be approximately $49,000). Payments to Settlement Class Members with Approved Claims will not exceed $5,000 per mortgage. After satisfying all Approved Claims, 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 Class Members” are all 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 or fees as a result.
Before the Settlement can be implemented, it has to be approved by the Court. The Court will decide whether or not to approve the Settlement, the Class Counsel Fees request, and the Honourarium on June 28, 2024 at 10:00 am EST virtually over Zoom at the Ontario Superior Court of Justice, 330 University Avenue, Toronto, ON M5G 1R7.
If you want to participate and make a Claim in the Settlement if it is approved, you are not required to do anything until after the Settlement is approved.
If you don’t agree with the proposed Settlement or any part of it, the Class Counsel Fees request, and/or the Honourarium, you can object (i.e., give the Court reasons why you think the Court should not approve it/them). If you wish to object, you are asked to submit a signed written objection statement to the Claims Administrator on or before June 4, 2024.
If you do not want to receive any benefits from the Settlement, and you want to keep your legal rights, if any, to sue Haventree on your own about the legal issues in this case, then you must take steps to exclude yourself from (opt out of) the Settlement Class. 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 on or before June 4, 2024.
Your legal rights and options – and the deadlines to exercise them – are explained in more detail in the short-form and long-form Notice of Certification and Settlement Approval Hearing (available below), and on the settlement website (http://www.haventreemortgagerenewalsettlement.ca/). Please read the short-form and long-form Notice of Certification and Settlement Approval Hearing carefully.
For more information, please visit the settlement website (http://www.haventreemortgagerenewalsettlement.ca/) or contact our law clerk, Christina Noble, by email (christina.noble@mckenzielake.com) or by phone (1-844-672-5666 ext 7343).
Documents Related to this Update:
- Click here to view a copy of the short-form Notice of Certification and Settlement Approval Hearing (English).
- Click here to view a copy of the long-form Notice of Certification and Settlement Approval Hearing (English).
- Click here to view a copy of the Opt-Out Form (English).
- Click here to view a copy of the Settlement Agreement (disponible en anglais seulement).
- Click here to view a copy of the Amended Statement of Claim filed May 30, 2022 (disponible en anglais seulement).
- Cliquez ici pour une copie de l’Avis abrégé de certification et d’Audience d’approbation du Règlement (français).
- Cliquez ici pour une copie de l’Avis détaillé de certification et d’Audience d’approbation du Règlement (français).
- Cliquez ici pour une copie du Formulaire de retrait (français).
Contact Us
For any inquiries with respect to this class action, please contact us directly by email or by phone at 1-844-672-5666. If corresponding by email, be sure to include your name, your telephone number and a brief message.
