A Vancouver chocolate and flower company has launched a class action lawsuit against several corporate lenders, alleging they conspired to trap distressed small businesses with criminal interest rates.
Filed May 29 in B.C. Supreme Court, La Fraise Rose alleges a network of companies under the CanaCap brand provided several “instant funding agreements” intentionally designed to circumvent the law.
The Vancouver company claims it received less than $39,000 but had over $73,000 debited from its account—paying back nearly double what it borrowed at interest rates that allegedly spiked to 25 times the legal limit.
None of the claims have been tested in court.
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