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Class Action

Description
We have filed a class action lawsuit against the Bank of Montréal, the National Bank of Canada and the Fédération des Caisses Desjardins of Québec in order to obtain the reimbursement of certain penalties that were charged to the consumers in the event of repayment of a real estate mortgage before the due date.

In the event of repayment of a real estate mortgage before the due date, these companies calculate the penalty on the balance without deducting the capital that the consumers are permitted to repay annually without a penalty. The purpose of the Class Action is to obtain a refund for these penalties.

For further information concerning each class action lawsuits:

Class action against the Bank of Montreal
April 19th 2007, we have filed a class action against the Bank of Montréal

Progress of the Class Action
August 7th 2008, the honourable judge Marie-Christine Laberge of the Superior Court of Québec has authorized our class action against the Bank of Montréal.

Members
Every natural person in Quebec who, has prepaid in advance the total amount of their residential hypothec, and has paid to the respondent a penalty calculated on the totality of the balance without the respondent having deducted the amount of capital provided for in the hypothecary loan contract, that could be prepaid annually without any penalty, from August 20 2001 to the judgment on the motion for authorization.

To be a member of the group and be eligible for the class action a person must:
- have a hypothecary loan contract with the Bank of Montreal concluded before the month of September 2006,
and
- titled: Privilege-fixed rate limited prepayment options (or similar form),
and
- not be or have been in default at the moment of the prepayment,
and
- not have made a prepayment during the calendar year before the prepayment equal to the amount of capital prepayable without penalty,
and
- have occupied his residence of less than 7 housing units at the time of or prior to the prepayment.

If the definition of the members applies to you, we invite you to consult the Web site of the lawyers firm Adams Gareau at the following page:
http://www.adamsgareau.com/recours/banque_mtl.html(in French)

Read the notice of the Superior Court of Québec, August 7th 2008
(http://www.adamsgareau.com/recours/bmo_avis_en_08-09-29.DOC)

Read the press release of August 11th 2008 (in French)




Class action against the National Bank of Canada

Progress of the Class Action
October 11th 2007, the honourable judge Marie-Christine Laberge of the Superior Court of Québec rejected our request concerning the authorization to file a class action against the National Bank of Canada. This case has been brought in appeal.

On November 12 2008, the Court of appeal rejected our motion to authorise the class action.




Class action against the Fédération des caisses Desjardins of Québec and the Caisse Populaire Desjardins of St-Laurent
August 29th 2007, we have filed a class action lawsuit against the Fédération des caisses Desjardins of Québec and the Caisse populaire of Saint-Laurent.

Progress of the Class Action
On august 14th 2008, the honourable judge Danielle Richer refused to authorize this class action. This case has been brought in appeal.

Members
In this case we asked the Court the permission to file a class action lawsuit for the account of the persons residing in Québec who are part of the following group:
«All the legal persons who have less than 50 employees and all the natural persons in Québec who have reimbursed by anticipation their mortgages and who have paid to one of the caisses populaires an indemnity calculated on the balance without the caisses populaires deducting from the balance the amount of the capital that the members of the group could have reimbursed annually without any indemnity and this, since July 20th 2001 until the final judgement».

If the definition of the members applies to you, we invite you to contact the lawyers of the firm Adams Gareau at 514-848-9363

Complete address of the firm Adams Gareau :
1000, rue Sherbrooke Ouest, Suite 1530
Montréal (Québec)
H3A 3G4
Fax (514) 848-0319
http://www.adamsgareau.com


Last update: March 2d 2009