MBNA is a division of The Toronto-Dominion Bank and provides credit cards to Canadian consumers.
This was a class action where the claim alleged that, in certain circumstances, MBNA received interest from cardholders that exceeded an effective annual interest rate of 60%, in breach of s. 347 of the Criminal Code of Canada, when cardholders repaid cash advances and the cash advance fees in full. The claim also alleged that MBNA may have been unjustly enriched and breached its cardholder agreements with the Class. The claim also sought an order prohibiting MBNA from receiving interest above an effective annual rate of 60% in the future.
Counsel for the Class retained us to first illustrate how the alleged excess interest charges could be calculated, and then calculate the aggregate amount. This matter settled.