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.

 

The deadline to submit a Claim was May 16, 2025. If you did not submit a Claim by that deadline, you will not be eligible to claim any distribution from the Settlement. Sending in the Claim Form late is the same as doing nothing.

 

If you have submitted a valid and timely Claim that has been approved, you can anticipate receiving your Settlement Payment towards the end of 2025.

 

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.

 

Who are Settlement Class Members?

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 submitted a valid and timely Claim that is approved pursuant to the claims process described in the Distribution Protocol.

 

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