Money Mart

Money Mart
Money Mart
Industry Financial Services
Founded 1982
Area served Canada, USA
Products Payday loans
Parent Dollar Financial Group
Website moneymart.ca

Money Mart is a Canadian payday loan and cheque-cashing company. It was founded in Edmonton, Alberta in 1982, and grew steadily. It was purchased from the founders in 1996 by Dollar Financial Group. Money Mart currently owns 412 stores across Canada with an additional 53 franchised stores.[1] The head office is located in Victoria, BC.

Lawsuits

On Dec. 23, 2003, a $515 million Ontario class action lawsuit was started against Money Mart by Margaret Smith of Windsor, Ontario.[2] The action alleges that Dollar Financial and Money Mart caused the plaintiffs to pay interest at a criminal rate contrary to section 347 of the Criminal Code of Canada.[3]

The lawsuit was settled on June 5, 2009, with no admission of wrongdoing from Money Mart. Money Mart agreed to pay approximately $120 million in cash, legal fees, debt releases and transferable transaction credits.[4]

In March of 2010, Money Mart settled a similar lawsuit in British Columbia — MacKinnon v. National Money Mart — for C$24.75 million, consisting of C$12.375 million in cash and C$12.375 million in vouchers.

References

  1. ^ [1] The Associated Press November 10, 2010, 9:57AM ET
  2. ^ [2] The Edmonton Journal,January 6, 2007
  3. ^ [3] Ontario Superior Court of Justice claim document
  4. ^ [4]



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