TORONTO, June 16, 2025 /CNW/ - Koskie Minsky LLP and Royal Bank of Canada ("RBC") jointly announce a proposed settlement of the ongoing class action regarding non-sufficient funds fees ("NSF fees").
The class action took issue with RBC's practice of charging NSF fees on re-presented pre-authorized debit transactions ("PADs") between August 2020 and August 2022. After lengthy negotiations and the assistance of a mediator, a proposed settlement agreement was reached in May 2025.
A hearing will be held on September 9, 2025, where the Court will decide whether to approve the proposed settlement. Under the terms of the settlement, RBC will pay a total of $7.05 million. RBC has not admitted any wrongdoing and the Court has made no finding of liability. If the settlement is approved, RBC will directly deposit funds into the bank accounts of eligible class members.
The class action was certified by the Ontario Superior Court of Justice on August 9, 2023. Koskie Minsky LLP has been appointed as Class Counsel.
https://kmlaw.ca/cases/royal-bank-of-canada-duplicative-nsf-fees-class-action/
SOURCE Koskie Minsky LLP
Media contact: Adam Tanel - T/P: 416-595-2072 Email: [email protected]
Share this article