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Cash Converters to settle class action

Cash convertersCash Converters is close to settling a class action launched by customers who claimed they were charged excessive levels of interest and fees on personal loans.

Cash Converters says it is in the process of executing a confidential deed of settlement, with the terms having being verbally agreed and the deed expected to be signed on Thursday.

The pawnbroker has placed its shares in a trading halt ahead of an expected announcement about the settlement.

Two class actions were launched in 2013 by 50,000 Cash Converters customers in NSW.

AAP

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