Posts Tagged ‘financial’
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
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Feb. 8 (Bloomberg) — Kevin Starke, an analyst at CRT Capital Group LLC, talks with Bloomberg’s Lori Rothman about the outlook for CIT Group Inc. after the company named John Thain as chairman and chief executive officer.
Thain, the ousted chief of Merrill Lynch & Co., was named to lead CIT, the commercial lender that emerged from bankruptcy in December, after almost a four-month search for a replacement. (Source: Bloomberg)
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Feb. 4 (Bloomberg) — Luke Templeman of the Financial Times’ Lex commentary team talks with Bloomberg’s Deirdre Bolton about the outlook for Guy Hands’s Terra Firma Capital Partners Ltd. The London-based private equity firm may inject as much as 120 million pounds ($190 million) into EMI Group Ltd. to prevent the music company from breaching debt covenants with Citigroup Inc., two people with knowledge of the matter said. (Source: Bloomberg)
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