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.

 

Haventree denies any liability whatsoever and has not been found liable for any of the claims raised in this lawsuit. The Parties have instead agreed to a Settlement in order to avoid lengthy litigation (the “Settlement”).

 

Settlement Approved

On July 2, 2024, the Ontario Superior Court of Justice approved the Settlement on behalf of the Settlement Class. Under the Settlement, Haventree and its insurer will pay $1,500,000 to settle the lawsuit. This amount will be used to pay the successful Claims of Settlement Class Members as well as certain fees and expenses, including Class Counsel Fees in the amount approved by the Court.

 

Settlement Class Members may be eligible for a Settlement Payment, provided that they submit a valid and timely Claim. 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.

 

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.

 

File a Claim

The period for submitting a Claim begins on August 16, 2024 and runs until May 16, 2025. During that period, you may make a Claim by filling out the Claim Form and submitting it to the Claims Administrator, by mail or email, on or before May 16, 2025.

 

Email: info@haventreemortgagerenewalsettlement.ca

 

Mail:   Haventree Mortgage Renewal Settlement

c/o Epiq Class Action Services Canada Inc.

P.O. Box 507 STN B

Ottawa, ON  K1P 5P6

 

Please keep a copy of your completed Claim Form for your own records.

 

If you fail to submit a Claim Form on or before May 16, 2025, you will not be eligible to claim any distribution from the Settlement. Sending in a Claim Form late will be the same as doing nothing.

 

Who can participate?

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, 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 a Settlement Payment if they submit a valid and timely Claim that is approved pursuant to the claims process described in the Distribution Protocol.

 

Summary of Your Legal Rights and Options

 

Submit a Claim

 

You can participate in the Settlement by submitting a Claim for Settlement benefits. If you wish to participate, you must complete and submit a Claim Form to the Claims Administrator, by mail or email, on or before May 16, 2025.

 

Click here for a copy of the Claim Form.

 

Do Nothing

 

If you do not submit a Claim or do nothing, you will not receive any Settlement Payment from the Settlement.

 

In order to receive a Settlement Payment, you must submit a valid and timely Claim Form. Unless you previously excluded yourself (opted 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.

 

If you do not want to participate, you do not need to submit a Claim, but you can no longer exclude yourself from the Settlement Class. The Settlement is binding on you.

 

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