Two class actions by Maurice Blackburn commenced in the Federal Court of Australia seeking compensation for Queensland borrowers who took out payday loans from Cash Converters stores or online.
SETTLEMENT UPDATE - REFUND PAYMENTS
The first instalment of refund payments was processed by EFT to eligible Group Members on Wednesday 27 May 2020. Please note that it may take up to 5 business days for the payment to appear in your bank account.
Within a fortnight of the payment, you will receive written communication from Maurice Blackburn by email, SMS or post confirming whether your refund payment was successful or unsuccessful, your total refund amount and the bank account that it was paid into.
Please wait until you have received this communication before contacting Maurice Blackburn with any questions as it contains important information about your refund.
What if I haven’t received my refund?
Maurice Blackburn is sending you written confirmation about the outcome of your refund. Please wait until you have received this communication before contacting Maurice Blackburn with any questions as it contains important information about your refund.
If you are an eligible Group Member who received a communication about a successful refund payment, please double check the transaction history of the bank account listed in the communication you will receive. We recommend you contact your bank if you require assistance.
If you are an eligible Group Member who received a communication about an unsuccessful refund payment, you will receive instructions on how to update your bank account details through the Online Portal. Please read these carefully as any error you make in updating your bank details will delay your payment.
When will the second installment be paid?
The second installment of refund payments will be made in December 2020, after the second portion of the Settlement Sum has been received from the Respondents.
We are aware that many Group Members may be experiencing financial difficulties in connection with the COVID-19 pandemic.
Maurice Blackburn is working hard in this time to ensure that all Group Members receive their refund payments as soon as possible. At this time we do not anticipate any disruption to payments being made in late May 2020.
Notice of proposed settlement
CASH CONVERTERS QUEENSLAND "PERSONAL LOANS" CLASS ACTION
Sean Lynch v Cash Converters Personal Finance Pty Ltd (ACN 110 275 762) and Anor (NSD900/2015)
On 21 October 2019 an in-principle agreement to settle the Cash Converters Personal Loans Class Action was reached.
This means that Cash Converters has agreed to refund money to eligible Personal Loans customers.
The Federal Court approved the settlement at a hearing on 24 March 2020.
Summary of the Approved Settlement
The key terms of the settlement are:
- Cash Converters agreed to pay a total of $42,500,000, including costs.
- The settlement sum will be paid in two tranches: The first tranche of $32,500,000 in late 2019 the second tranche of $10,000,000 before 30 September 2020.
- Refunds to group members will also be paid in two tranches. The first tranche of refunds will be paid in around May 2020.
- The costs of running the class action and administering the settlement must be approved by the Court as reasonable before they are paid.
- In agreeing to settle the Class Action, Cash Converters have not admitted any liability.
- Group members will be deemed to have released Cash Converters from the time that the settlement becomes final and will not be able to bring any further claim in relation to these matters.
If you need more information, please contact our team:
Phone: 1800 550 587