MONTREAL–Several financial institutions were ordered yesterday to pay more than $200 million to Quebec credit-card holders after a court ruled they broke consumer-protection laws.Superior Court judge Clément Gascon found that nine banks and financial cooperative Desjardins unjustly charged clients during the conversion process of foreign currencies for credit-card transactions made abroad. The judgment says the charges cannot be billed to consumers before a 21-day grace period.
A class-action suit took aim at institutions that offered Visa, MasterCard or American Express cards between 2001 and 2007. Gascon's ruling ordered each company to pay different sums.
The decision comes a month after federal Finance Minister Jim Flaherty unveiled new rules for credit-card issuers requiring clearer information and a minimum 21-day interest-free period on new purchases made with plastic.
The Canadian Press
