Thursday, July 24, 2014

BCSC Judge certifies Class Action against CIBC

"A B.C. Supreme Court judge has certified a class-action suit against CIBC Mortgage Inc. in connection with its prepayment penalties.
In a June 30 judgment, Justice Jeanne Watchuk ruled that Erin Sherry is a “very appropriate” representative plaintiff in the case after she was hit with a $47,868.91 prepayment fee when she paid off her mortgage in full.

Watchuk’s decision also stated that “the certification is conditional on the plaintiff establishing for the court an identifiable class which is not overbroad.” She instructed lawyers for both parties to set a schedule to determine how to define which customers would be eligible to be included as plaintiffs in the class-action suit.

"The ruling noted that CIBC did $29 billion worth of mortgage business in B.C. in 2011. CIBC revealed to the court that between 11 percent and 15 percent of mortgages involved prepayments each year between 2008 and 2011. There would be between 5,800 and 11,600 prepayments made in British Columbia each year.”

News hit July 9, 2014 and Hell YA says we. Predatory CIBC business practices speak for themselves and following a hoed row is a fuk of a lot easier than breaking a new one. After looking at the massive size of THIS CIBC scamola, damn it is and motivation against these horrid MFers I have in spades.

A class action is what we are needing citizens. Nothing changes when CIBC can openly crush Canadians one at a time.