The Supreme Court rendered a historic judgment on September 19th 2014 holding that federal chartered banks are subject to provincial legislation regarding consumer protection. The Supreme Court condemned the Bank of Montreal, the National Bank of Canada, Toronto-Dominion Bank, Citibank of Canada, Amex Bank of Canada and the Fédération des Caisses Desjardins to reimburse foreign currency conversion fees that were illegally charged to credit card holders. The banks were also condemned to pay punitive damages to each class member. In total, the defendants were ordered to pay almost 60 million dollars.
