13 Apr 2023
Bodnar v. Community Savings Credit Union
In a class action lawsuit against multiple credit unions, Community Savings Credit Union, North Shore Credit Union, Chemainus Credit Union, Comox Valley Credit Union, Kootenay Savings Credit Union, VantageOne Credit Union, Village Credit Union, Greater Vancouver Community Credit Union, Coastal Community Credit Union, and Vancouver City Savings Credit Union, a settlement agreement was approved by the court. The agreement addressed the collection of overdraft fees that exceeded five dollars, resulting in the credit unions receiving criminal interest rates. The settlement included payments by the credit unions and the calculation of prejudgment interest. The court found the settlement to be fair and reasonable, benefiting the class as a whole. The approved legal fees and disbursements were deemed appropriate. The settlement was accepted, and the case concluded. Each class member was entitled to honorariums of $5,000.