Lawsuits - see you at $2, imo.
Cash Store Financial faces class action suits
Cash Store Financial Services Inc (The) (C:CSF)
Shares Issued 17,461,880
Last Close 10/17/2012 $5.55
Thursday October 18 2012 - News Release
An anonymous director reports
CASH STORE FINANCIAL DISCLOSES CLASS PROCEEDINGS
The Cash Store Financial Services Inc. has been served with proposed class proceedings in Ontario, Saskatchewan, Alberta and British Columbia with respect to it and its subsidiaries, the Cash Store Ltd. and Instaloans Inc.
In each case, the plaintiffs allege that the payday loans provided by Cash Store failed to meet the applicable laws governing payday lenders in these jurisdictions. The plaintiffs seek, on behalf of themselves and the classes, a refund of amounts paid by consumers that are in excess of the loan principal.
In all cases, Cash Store Financial believes that it conducts its business in accordance with applicable laws in each of the jurisdictions noted, and will be defending these actions vigorously both with respect to certification as a class proceeding and on each action's merits. However, the likelihood of loss, if any, is not determinable. Accordingly, no provision has been made in the accounts for these actions.
We seek Safe Harbor.
© 2012 Canjex Publishing Ltd.