Cash Flow Solutions » finance

Who gouges the most – banks or class action lawyers? ‘Murphy’s law’ re bank fees – come in spinner!

admin — Sat, 15 May 2010 01:06:22 +0000

A class action is being launched in Australia against local and foreign banks for repayment of dishonour and late fees….. “The firm’s lawyers will argue that the charges are illegal because they are out of all proportion to the actual cost incurred by the banks” (News.com.au) but the same charge could be levelled against the class action’s lawyers who will also eventually charge a success fee of $1billion+ despite the actual cost of running the class action being merely a few million dollars, uhh. Legalism – a sucker born every minute…..LOL

Lawyers taking part in the case say the banks have earned billions over the years that they weren’t entitled to by taking money out of people’s pockets, but there’s a catch….. The firm funding the case will take 25 per cent of the amount recovered and court papers have yet to be lodged…..
http://www.abc.net.au/lateline/content/2010/s2897912.htm?site=perth

The Finance Sector Union has raised concerns that jobs will be lost if a planned class action against bank fees is successful.

The class action will allege Australians have been illegally charged more than $5 billion in bank fees over the past six years.

Leon Carter of the Finance Sector Union says while the lawsuit is a good way to bring attention to the issue, it has the potential to backfire.

“Our concern is that if this lawsuit is successful, the banks will simply make their money up somewhere else or, even worse, sack staff to recoup any costs,” he said.

“The only long-term solution to this problem is better regulation.”

However, Bernard Murphy from the law firm running the action, Maurice Blackburn Lawyers, says something has to be done.

“There’s no doubt that we have a good argument. Whether it will be successful, that’s a matter probably for the High Court,” he said.

The case will initially be heard in the Victorian Supreme Court, but it is possible there may be appeals extending to the High Court and lasting several years.

Up to half a million Australians are expected to join the class action against local and foreign banks for repayment of dishonour and late fees….. http://www.abc.net.au/news/stories/2010/05/13/2898688.htm

Official figures show the banks collected nearly $1.2 billion in such fees in the 2008 financial year.

The class action, being run by a subsidiary of litigation funder IMF, will relate to honour and dishonour fees on bank accounts, and over limit and late fees on credit cards.

The big four banks – Commonwealth Bank, ANZ, National Bank and Westpac – recently scrapped or reduced many of those charges.

Financial Redress, the subsidiary behind the class action, says the claims will pursue exception fees deducted from accounts over the past six years….. Official figures show the banks collected nearly $1.2 billion in such fees in the 2008 financial year.

The class action, being run by a subsidiary of litigation funder IMF, will relate to honour and dishonour fees on bank accounts, and over limit and late fees on credit cards.

The big four banks – Commonwealth Bank, ANZ, National Bank and Westpac – recently scrapped or reduced many of those charges.

Financial Redress, the subsidiary behind the class action, says the claims will pursue exception fees deducted from accounts over the past six years….. http://au.biz.yahoo.com/100512/31/2cvq0.html

BANK shares were pummelled yesterday amid investor concern that a landmark legal action against fees could hit profits.

Shares in major banks including Commonwealth Bank and ANZ fell by about 1 per cent after BusinessDay reported they faced one of Australia’s biggest class actions for overcharging on penalty and late fees.

The $400 million claim, if successful, could trim bank profits by about 1 per cent…. http://www.businessday.com.au/business/banks-take-jolt-over-fee-fears-20100512-uy59.html

Half a million angry Australian bank customers are tipped to join a class action launched against the nation’s big banks over AU$5 billion (US$4.7bn) in fees raked in over the past six years…..

Victoria’s Supreme Court will be asked to rule that the banks gouged customers with a raft of “exception” fees…..
http://www.news.com.au/money/banking/imf-to-bankroll-bank-fee-class-action/story-e6frfmcr-1225865541240

Duration : 0:3:21

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Connecticut Law Firm Loan Esquire Capital

admin — Sun, 28 Feb 2010 19:02:11 +0000

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Duration : 0:0:49

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admin — Sun, 28 Feb 2010 19:02:05 +0000

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Duration : 0:0:48

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admin — Sat, 27 Feb 2010 21:42:03 +0000

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Duration : 0:1:53

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admin — Sat, 27 Feb 2010 21:41:59 +0000

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Duration : 0:1:2

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admin — Fri, 26 Feb 2010 23:51:09 +0000

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Duration : 0:1:36

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admin — Fri, 26 Feb 2010 23:51:07 +0000

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Duration : 0:0:54

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admin — Fri, 26 Feb 2010 23:51:03 +0000

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Duration : 0:0:48

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admin — Fri, 26 Feb 2010 01:56:17 +0000

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Duration : 0:0:49

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admin — Fri, 26 Feb 2010 01:56:14 +0000

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Duration : 0:0:44

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