In August 2017, Option consommateurs instituted a class action against Desjardins regarding the automatic addition of a loan insurance premium to the terms of reimbursement of student loans. This insurance premium was automatically added to students who had not entered into repayment agreements with Desjardins within six months of completing their studies. Option consommateurs alleges that Desjardins imposed adherence to the student loan insurance on class members without any right.
In May 2021, Option consommateurs and Desjardins have agreed to settle the class action.
The agreement provides that Desjardins will reimburse class members for all premiums collected between August 2, 2014 and March 31, 2021. As such, Desjardins has reimbursed more than $9.5 million to class members. Additionally, Desjardins paid Option consommateurs’ attorneys’ fees and all costs related to the agreement.