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Class action

Option consommateurs leads 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. 

The class action seeks the reimbursement to each class member of the loan insurance premium they paid as well as the payment of $500 per member in damages. The class action also seeks payment of $50 million in punitive damages. 

Who is a member of this class action? 

You are a member of the class action is you satisfy all of the following conditions:

  1. You have taken out a student loan guaranteed by the Québec government with a Desjardins Caisse; and
  2. Desjardins sent you a repayment agreement, the terms of which were not modified before your first payment and which took effect after August 2, 2014; and
  3. These terms include an Insurance premium automatically added by Desjardins; and
  4. You have not made a claim under the Insurance. 

What is the status of this class action?

Option consommateurs and Desjardins have agreed to settle the class action.

The settlement agreement between Option consommateurs and Desjardins was approved by the Court on May 14, 2021. 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 undertaken to reimburse more than $9.5 million. Additionally, Desjardins paid Option consommateurs’ attorneys’ fees and all costs related to the agreement.

If you are a member of the class cation, you therefore may have been entitled to a refund of 100% of the loan insurance premiums you paid between August 2, 2014 and March 31, 2021.

The reimbursement period was between June 23 and 28, 2021. This reimbursement was to be paid directly in your Desjardins account or, failing that, by cheque sent by mail.
You had until August 12, 2021 to file your claim. The claim period is now closed.

How can I stay informed of the upcoming steps in the case?

If you are a member of the class action, we invite you to register to our mailing list. This way, we can communicate with you as soon as important developments occur in the file.

For more information, you can also contact Belleau Lapointe directly.

Pleadings and judgments


August 2, 2017

Filing of the Application for Authorization to Institute a Class Action.

February 11, 2019

Filing of the Modified Application for Authorization to Institute a Class Action.

July 9, 2019

Judgment Authorizing the Institution of the Class Action.

May 14, 2021

 Judgment Approving the Settlement Agreement.