Last October a class action was launched against CIBC Mortgages Inc. alleging, among other things, “extremely vague” and “unenforceable” prepayment clauses in customers’ mortgage contracts.
Here is the latest on that case from the plaintiff’s lead counsel in B.C., Kieran Bridge.
Says Mr. Bridge:
- “There have been hundreds of contacts from CIBC/FirstLine/President’s Choice mortgage customers (wishing to join the class action).”
- “We are getting our Certification Application materials into final form, and expect to have them signed next week.”
- “We will schedule a hearing before the B.C. case management Judge in the early fall, to set a date for the certification hearing.” (Bridge notes that, “Until a case is certified, it is only an “intended” class action…It is not a class action until it is certified as such.”)
- “The parallel Ontario and Quebec actions are still proceeding…but it is likely that the first certification hearing will be in B.C.”
- “We hope to have the certification hearing in B.C. in late 2012 or early 2013.”
- “Once the case is certified, it’s hard to predict how long any resolution might take.”
- “The defendant has not yet filed a statement of defence or any affidavits, so their position on the substantive issues is unknown at this point. In a class action, the defendant does not have to file a defence until after the certification hearing.”
We’ll check in on this case again as developments merit.
Robert McLister, CMT