Proposed Settlement Reached in HVAC Equipment Lease Class Action
Foreman and Company is pleased to announce that the action has been certified and that a proposed settlement has been reached in the HVAC Equipment Lease Class Action against Ontario Energy Group and Home Trust Company.
Ontario Energy Group is a company that entered into lease agreements for installation, rental and servicing of HVAC equipment like furnaces, air conditioners and water heaters with Ontario consumers. Home Trust Company is alleged to have purchased an interest in these lease agreements, collected money from Class Members under the lease agreement and to have registered “liens” against Class Members’ homes.
The proposed settlement includes All persons in Ontario who are or were at any time party to a lease agreement for Equipment with MDG Newmarket Inc. O/A Ontario Energy Group entered into between May 1, 2012 and December 31, 2016, except Excluded Persons (as defined in the settlement agreement).
Under the proposed settlement reached with Ontario Energy Group and Home Trust Company, the Defendants have agreed to pay CAD $14,950,000 for the benefit of Class Members in addition to other specified relief including: i) a debt management program for Class Members with unpaid arrears; ii) the cancellation and forgiveness of a specified number of agreements in exceptional circumstances (including the gifting of equipment and removal of liens with no further payment or obligation); and iii) the implementation of a series of contractual changes which make the agreements easier and less expensive to exit among other improvements. The Settlement Funds (less court-approved legal fees, expenses, and taxes) and other benefits will be distributed to Settlement Class Members according to a distribution protocol. The settlement agreement and distribution protocol must still be approved by the court.
For more detailed information about the case, including the certification order, settlement agreement, the court-approved notices, the distribution protocol and an explanation of the rights of Class Members at this juncture of the case including your right to participate in the settlement or to opt-out/exclude yourself, please click here.
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Foreman & Company is a boutique plaintiff-side class actions law firm representing individuals who have suffered loss or injury due to misconduct on a widespread scale. Our award-winning team of litigators has been recognized by Lexpert, Chambers Global and Best Lawyers for their expertise and calibre of knowledge in class actions.