Christmas cash back for NSW consumers involved in the Maurice Blackburn Cash Converters class actions
21 December 2015
A multi-million dollar Christmas cash bonus has started flowing back through to nearly 36,000 New South Wales Cash Converters customers who won class actions that recently settled for $23million in order to recover exorbitant interest rates that it was alleged far exceeded the legal limits the company could charge people.
The payments started going in to the bank accounts of group members last week, prompting what lawyers at Australia’s leading class action law firm, Maurice Blackburn Lawyers, have described as one of the most rewarding series of unprompted client feedback they recall.
Miranda Nagy, Special Counsel involved in running the actions said there was absolute truth to the Christmas adage that the greatest gift is to be able to give to those truly in need.
“The response since the money started hitting people’s bank accounts last week has been overwhelming for us. We undertake this work to make a real difference to people’s lives, but this unsolicited response has been truly heart-warming,” Ms Nagy said.
“The Maurice Blackburn office has been flooded with support and thanks from those affected, both to the legal team and to lead plaintiff Julie Gray, so it’s extremely satisfying to be able to have that positive impact on people’s lives.
“We’ve had many people go out of their way to explain the very real difference it will make to their daily lives, and the fact we have been able to get compensation to people prior to Christmas is wonderful given what it can do to make that day more special this year.
“None of these thousands of people, on their own, could have taken on such a behemoth as Cash Converters. This case is a prime example of how class actions help our most vulnerable get real access to justice.”
The litigation, which alleged that Cash Converters improperly charged up to 633 per cent interest on its one month loans and 145 per cent on its seven-month loans, were brought by Julie Gray, a pensioner and grandmother of Cambridge Park, NSW.
Cash Converters operates a global network of over 700 stores across 21 countries, with around 150 Cash Converters stores in Australia. In settling the class actions, Cash Converters has not admitted it acted unlawfully. A further payment from the settlement monies will be made by Maurice Blackburn to group members in 2016.