Resolved: Settlement distribution for Toronto Hydro-Electric System Limited was concluded in 2013.
Toronto Hydro-Electric System Limited
On December 6, 2010, Siskinds LLP commenced a proposed class action against Toronto Hydro-Electric System Limited (“Toronto Hydro”), alleging that Toronto Hydro violated the Interest Act between July 1, 2000 and December 8, 2010, inclusive, by billing its customers interest on overdue accounts at an annual rate in excess of 5%, where only the monthly rate of interest was disclosed on its bill.
On February 8, 2012, the Ontario Superior Court conditionally approved an agreement to settle the plaintiff’s claim for approximately $5,835,882.00. A copy of the corresponding court order may be viewed here:
Under the settlement, customers who, between December 7, 2008 and June 29, 2011, inclusive, either paid to Toronto Hydro or had credited to their accounts (for reasons other than this action), a cumulative amount equal to or greater than $30.00 in interest charged at a rate of more than 5% per year in respect of bills issued on or before December 8, 2010, will be entitled to receive partial repayment of this interest. Customers who currently owe interest on Toronto Hydro bills dated on or before December 8, 2010 can expect Toronto Hydro to take all reasonable steps to cancel their debts insofar as they exceed the 5% allowable rate. A portion of the settlement funds will also be distributed to the charities, United Way Centraide Canada, Red Door Family Shelter, and Second Harvest, each of which work to alleviate the hardships of poverty in the Toronto region. A copy of the settlement agreement may be viewed here:
The Ontario Superior Court has also approved a notice that provides class members with information on how to file a claim, object to the settlement, or opt out of the class. A copy of this notice and opt out form may be viewed here:
The Ontario Superior Court is scheduled to determine whether the settlement agreement should receive final approval on April 11, 2012. Please review the materials outlined above well in advance of this date in order to take any actions necessary to enforce or protect your rights in this litigation.
If you have any questions about the Toronto Hydro-Electric System Limited action, please complete the contact form below.