National Bank faces class action lawsuit over fees

Two law firms filed a proposed class action lawsuit in Quebec against the National Bank of Canada for fees charged to mortgage holders.

The firms, Paquette Gadler Inc. and Adams Avocat Inc., announced the class action lawsuit for “illegally demanding from its clients fees for professional services (such as legal fees, etc.) and to preserve the charged property (such as management fees, etc.).”

People who defaulted on a mortgage with the National Bank and “have had to pay the National Bank or its representatives legal fees and/or management fees” may be covered in the proposed class action, a release from the firms said.

The allegations have not been proven in court.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.