TD VISA Card class action

1. The plaintiffs commenced a class action alleging that TD charged its TD Visa cardholders undisclosed and unauthorized fees or charges in respect of debits and credits on their TD Visa accounts in foreign currency.

2. Sutts, Strosberg LLP was part of the plaintiffs’ counsel group. Paul J. Pape was solicitor of record.

3. The parties agreed to a settlement which was approved by Justice Cullity on July 9, 2009. His reasons may be reviewed here. The order may be reviewed here.

4. As a result of the settlement, TD paid $55 million as follows:

(a)	$10,167,721.95 directly to eligible cardholders;
(b)	$14,594,000 to the Law Foundation of Ontario to promote access to justice;
(c)	$14,594,000 to SEDI (Social Enterprise Development Innovations) to promote financial literacy among youth, disadvantaged and minority groups in Canada;
(d)	$4,343,325 to the Class Proceedings Fund;
(e)	$5,250 for administration costs; and
(f)	$11,463,000 to the plaintiffs' lawyers for fees, disbursements and GST.