May 19, 2024

The Queens County Citizen

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Insurance premiums on student loans | Deszardins.5 agrees to repay 9.5 million

Insurance premiums on student loans |  Deszardins.5 agrees to repay 9.5 million

Deszardins Group.5 9.5 million for life insurance premiums added without notice to student loan agreements for the past seven years.

Martin ValliersMartin Valliers

The Reimbursement was requested in 2017 for a settlement of a class action reached in recent days between the Desjardins and the Option Consumer groups, and two years later, in July 2019, it was settled in Quebec Superior Court.

The legal and administrative costs associated with this class action in the settlement agreement are up to a maximum of 2 million deszardins.

It must be approved in the Superior Court, which will have no trouble in mid-May.

Premium refunds should be given promptly to the relevant student borrowers, especially since the Desjardins already have their client account information.

At Option Consometers, which led the action, we said yesterday that we were “satisfied with this deal with Desjardins” because it allows student borrowers to “recover premiums paid for insurance included in their student loan agreements without notice”.

In addition, Sylvie de Bellefuel, a lawyer at Option Consometers, said: “This agreement with Deszardins reminds us of the importance of ensuring the consent of the persons concerned before paying for insurance, in accordance with the Quebec Financial Services Act.”

We have not commented on the management of the Movement Desjardins, at the end of Friday, before the contract was approved in the Superior Court and before the accounting firm Ernst & Young was responsible for the reimbursement process.

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