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Another divorce in Canada’s loyalty card sector has consumers stuck in the middle asking questions about the future of an industry still bruised by the actions of some of its largest providers.
Shares of Transat A.T. surged on Monday to the highest level since early 2015 after the travel company signalled that it is having a significantly more profitable summer season than it had expected.
Ontario court approves Home Capital class action lawsuit settlement
– canadianbusiness.com
An Ontario court has approved the settlement of a $29.5 million class-action lawsuit by investors against alternative mortgage lender Home Capital Group Inc.
The Ontario Securities Commission approved a settlement earlier this month with the Toronto-based company and three former executives who agreed they failed to tell investors quickly and completely about fraudulent activity by some mortgage brokers associated with the lender.
About $11 million of the payments being made to the OSC will go toward the $29.5-million, class-action settlement.
Each settlement had been conditional on approval of the other.
The OSC’s announcement of its allegations in April contributed to a sudden exodus of Home Capital depositors that pushed the Toronto-based company to borrow about $2 billion at staggeringly high interest rates in order to stay in business.
Home Capital shares (TSX:HCG) and prospects have improved since billionaire investor Warren Buffett agreed to support the lender through an equity investment and loans by Berkshire Hathaway, his main company…
The Ontario Securities Commission approved a settlement earlier this month with the Toronto-based company and three former executives who agreed they failed to tell investors quickly and completely about fraudulent activity by some mortgage brokers associated with the lender.
About $11 million of the payments being made to the OSC will go toward the $29.5-million, class-action settlement.
Each settlement had been conditional on approval of the other.
The OSC’s announcement of its allegations in April contributed to a sudden exodus of Home Capital depositors that pushed the Toronto-based company to borrow about $2 billion at staggeringly high interest rates in order to stay in business.
Home Capital shares (TSX:HCG) and prospects have improved since billionaire investor Warren Buffett agreed to support the lender through an equity investment and loans by Berkshire Hathaway, his main company…
Inside the shake-up for the loyalty card industry
– moneysense.ca
MONTREAL — Another divorce in Canada’s loyalty card sector has consumers stuck in the middle asking questions about the future of an industry still bruised by the actions of some of its largest providers.
The Canadian Imperial Bank of Commerce announced this week it is severing ties with Loblaw’s (TSX:L) President’s Choice Financial and rolling PC’s two million bank accounts into its Simplii Financial brand starting Nov. 1.
It is the latest split between loyalty programs and the country’s banks, which are increasingly moving towards digital banking, following prior breakups between Shopper’s Drug Mart and Royal Bank of Canada and Costco and American Express. TD took over from CIBC as the primary card for Aeroplan, while Air Canada recently said it plans to move away from Aeroplan to start its own loyalty program after 2020.
The Canadian Imperial Bank of Commerce announced this week it is severing ties with Loblaw’s (TSX:L) President’s Choice Financial and rolling PC’s two million bank accounts into its Simplii Financial brand starting Nov. 1.
It is the latest split between loyalty programs and the country’s banks, which are increasingly moving towards digital banking, following prior breakups between Shopper’s Drug Mart and Royal Bank of Canada and Costco and American Express. TD took over from CIBC as the primary card for Aeroplan, while Air Canada recently said it plans to move away from Aeroplan to start its own loyalty program after 2020.
Time to grab $16 billion in unredeemed loyalty points
Technology and the structure of loyalty programs have dramatically changed since CIBC and Loblaws partnered almost two decades ago, said Jacques Nantel, marketing professor emeritus at the University of Montreal’s HEC business school…
Dream Office REIT approaches end of restructuring with smaller portfolio, new outlook
– theglobeandmail.com
After significantly shrinking its portfolio and a challenging restructuring over the past year and a half, Dream Office REIT is looking at ways to adapt to an increasingly competitive commercial real estate landscape
