The Ontario Superior Court of Justice has approved a $1.5 million settlement in a class action lawsuit against Haventree Bank over automatic mortgage renewals that resulted in higher interest rates and financial losses for homeowners. The bank was accused of violating the Interest Act and mortgage contracts. Around 3,340 class members are set to benefit from the settlement, each potentially receiving up to $5,000. Any leftover funds will go to a cy-près recipient.
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