Option consommateurs c. Desjardins (Student Loan Insurance)
Description
Atclass action, Option consommateurs accuses Desjardins of having added insurance to a group of students who had completed their studies and begun repaying their student loans without negotiating a repayment agreement with Desjardins. The premium payment for this insurance was automatically added to the terms of repayment of the student loans.
Payment of the premium for this insurance was automatically added to the repayment terms of the student loans. Option consommateurs is asking Desjardins to reimburse the members of the group for all premiums collected, as well as to pay damages.
Our members
Anyone who has taken out a loan with a Caisse Desjardins guaranteed by the Quebec government and whose repayment terms include payment of a premium for Loan, Life and Disability Insurance (also known as Group Life, Health and Job Loss Insurance associated with a loan, OR Student Loan Insurance) automatically added by Desjardins Financial Security and the Fédération des Caisses Desjardins du Québec after August 2, 2014, with the exception of people who have filed a claim under this insurance.
Where we are
Desjardins has agreed with Option consommateurs to refund policyholders all premiums collected (approximately $9.5 million) between August 2, 2014 and March 31, 2021.
This agreement will be submitted to the court for approval on May 13, 2021. If approved, it will allow group members to be reimbursed for the insurance premiums they have paid.
To be kept informed of progress
To find out more about the agreement and how to get reimbursed, or to opt out of the claim, visit www.ey.com/ca/pretetudiant.