UPDATE (April 5, 2012): Poyner Baxter LLP are Class Counsel in a settlement involving Shaw Cablesystems G.P. and certain of its customers who paid late payment interest charges. Particulars of the settlement have been filed with the Federal Court. Poyner Baxter LLP can be contacted at:
#408-145 Chadwick Court
North Vancouver, BC V7M 3K1
ANNOUNCEMENT: A class action lawsuit was filed on January 31, 2011 in the Federal Court seeking compensation on behalf of subscribers to the services of Shaw Cablesystems G.P. for overpayment of interest penalties on overdue accounts.
The lawsuit alleges that Shaw is in contravention of the federal Interest Act as it does not properly disclose the effective annual interest rate charged on past due balances.
If this information is not disclosed, the maximum rate of interest that can be charged under the Interest Act is 5% per annum.
In the case of Shaw, the subscriber's statement discloses that interest is charged at the rate of 2% compounded monthly. It does not, as required under the Interest Act, give the effective annual rate, which is 26.8%.
To view the Statement of Claim, click here.
If you believe that you have experienced a similar situation with respect to another service provider, please contact us at 604 988-6321 ext 5 or by email.
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