Frequently Asked Questions
A notice was issued to advise Class Members that a class action has been certified for settlement purposes. A settlement has been reached between the representative plaintiff and Desjardins. This notice explains the hearing and your rights in respect of the settlement. A hearing to approve the settlement and fees payable to class counsel has been set for September 29, 2025.
The case is known as James Davis v. Desjardins Financial Services Firm et al., Court File No. CV-21-00002102-00CP. The person who sued, James Davis, is called the Plaintiff. Desjardins is the Defendant. The employers at issue are Desjardins Financial Services Firm Inc., Desjardins Global Asset Management, The Personal Insurance Company, Desjardins Financial Security, Desjardins Securities Inc., Caisse Centrale Desjardins, Fédération des caisses Desjardins du Québec, Collabria Financial Services Inc., Desjardins Shared Services Group Inc., Desjardins Technology Group Inc., Desjardins Financial Security Life Assurance Company, and Desjardins Investment Product Operations Inc., and Assistel Inc.
The lawsuit alleges that Desjardins’ vacation bank policy was improper. It advanced vacation time to employees in a negative vacation bank at the outset of their employment which had to be repaid during their employment or was recovered by Desjardins at the end of their employment.
Desjardins denies any liability and denies the truth of the allegations made against it. If the Settlement is not approved, Desjardins will defend the litigation, and oppose certification/authorization of the action as a class proceeding.
The proposed settlement will resolve the litigation entirely.
In a class action, one person called the “representative plaintiff” (in this case, James Davis) sues the “Defendant” (in this case, Desjardins) on behalf of a group of people who have similar claims. All of these people are a “class” or “class members.” The court resolves the issues for all class members in one case, except for those who remove themselves from the class by opting out.
The Class is defined as:
All employees outside of Quebec who were employed by Desjardins Financial Services Firm Inc., Desjardins Global Asset Management, The Personal Insurance Company, Desjardins Financial Security, Desjardins Securities Inc., Caisse Centrale Desjardins, Fédération des caisses Desjardins du Québec, Collabria Financial Services Inc., Desjardins Shared Services Group Inc., Desjardins Technology Group Inc., Desjardins Financial Security Life Assurance Company, and Desjardins Investment Product Operations Inc., and Assistel Inc. (collectively “Desjardins”) between May 1, 2011 and August 13, 2017, were subject to the Policy and who were terminated or left Desjardins prior to the date of April 24, 2025, other than those who executed a termination agreement releasing their claims for vacation pay on or before July 31, 2024.
The representative plaintiff and Desjardins have reached a proposed settlement in this matter under which Desjardins will pay $7,000,000 to settle this lawsuit. These funds would be used to pay the claims of former employees of Desjardins with negative vacation balances who have left Desjardins.
If the settlement is approved, Desjardins will eliminate the negative balance of vacation hours advanced at the outset of employment under the Policy for any Current Employee of Desjardins by reducing the amount of the vacation bank hours advanced to the employee under the Policy to zero.
The parties will seek approval of the settlement and the fees payable to class counsel by the Court on September 29, 2025. The settlement is a compromise of disputed claims and settles, extinguishes, and bars all claims relating in any way to or arising out of the class action against Desjardins.
If the case had not settled (or if the proposed settlement is not approved), the Plaintiff would have had to seek certification on a contested basis and then to prove his claims and the claims of the other class members against Desjardins. There is no guarantee that the Plaintiff would win any money or benefits for the class at trial.
The parties will seek approval from the Ontario Superior Court of Justice for a method of distributing the settlement funds to class members.
Under the proposed settlement, the Defendants will pay an all-inclusive amount of $7 million agreed at mediation and two additional amounts as follows: (i) an additional $28,928.34 which is the amount agreed to in relation to certain data adjustments provided following mediation, and (ii) an additional amount to be calculated for the former employees who left Desjardins between September 17, 2024 and April 24, 2025, which will compensate them for the negative vacation bank shown in Desjardins’ records (“Gross Settlement Funds”) to former employees who left Desjardins prior to April 24, 2025 with negative vacation balances. The Gross Settlement Funds and less court-approved legal fees, funding fees, disbursements, honorarium, administration expenses and applicable taxes are available for compensation to eligible Settlement Class Members (“Net Settlement Funds”).
You have the right to object to the settlement. If you want to object to the proposed settlement, you may do so by setting out your objection in writing to Class Counsel by July 14, 2025. You can find an objection form on the Documents page at https://www.monkhouselaw.com/desjardins-negative-vacation-bank-class-action/. If you object to the settlement, you are asking the Court to not approve it. If the Court does not approve the settlement, there will be no settlement proceeds at this time, and may never be money to distribute to Class Members in the future.
If you do nothing, you will be included in the class if you are eligible and you will be deemed not to object to the settlement or fees to be paid to class counsel. You will be bound by all Court orders. If you are a class member you will be eligible to put in a claim for compensation. are an eligible former employee, you will be eligible to claim for compensation at a later date.
If you do not want to be in the lawsuit, you must remove yourself. This is sometimes called “opting out.” If you remove yourself, you will not receive any benefit that may be obtained if the proposed settlement is approved. You will not be bound by any Court orders and you keep your right to sue Desjardins as an individual regarding the issues in this case. The decision to opt out should not be taken lightly, as it means that you would have to start your own claim at your own expense if you wanted to pursue an individual claim against the Defendants. You should seek independent legal advice before choosing to take this step. To remove yourself, send an Opt Out Form available on the Documents page or at https://www.monkhouselaw.com/desjardins-negative-vacation-bank-class-action/ or send legible written request to opt out of the class action Davis v. Desjardins Financial Services Firm Inc. et al. to Class Counsel via E-mail, mail or facsimile. Include your name, address, telephone number, and signature. The opt-out notice must be sent by July 27, 2025.
Call 416-907-9249 or email [email protected] if you have any questions about how to get out of the Class.
Yes. Monkhouse Law Employment Lawyers from Toronto represent Class Members as “Class Counsel.”
You will not have to personally pay any additional amount for Class Counsel’s fees or expenses. Class Counsel’s fees and expenses will be deducted from the Settlement. The Court will be asked to approve the lawyers’ fees pursuant to a contingency fee retainer agreement that they entered into with the Plaintiff.
Class Counsel seeks fees and disbursements in the amount of $2,215,000 and $278,850 in taxes for a total of $2,493,850. This is a contingency fee of 33%. Additional information can be found in the Settlement Agreement and by contacting Class Counsel.
You can get more information about this case by contacting Class Counsel.