Vancouver, BC: A settlement in the class action against Alberta-owned Cash Store and Instaloans was approved by the BC Supreme Court today. The amount is estimated to range from $28.5 million to $33.5 million.
The terms of the settlement reportedly specify that both stores will repay the so-called brokers fees which are between 20 to 25 percent of the total loan amount. These fees were charged in addition to interest rates of 60 percent or more and are illegal.
Reports estimate that the average payout per plaintiff in this settlement will be between $500 to $5,000.
