Posts Tagged ‘litigation’
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
This is part 2 of a 2 part Street Talk Baltimore Video Magazine interview with Professor Erika K. Woods.
University of Baltimore School of Law, Baltimore, MD
Clinical Fellow, May 2008-Current.
Teach weekly civil advocacy seminar course. Supervise students in handling cases for low-income clients.
Arnold & Porter LLP, Washington D.C.
Associate, September 2003 – June 2005 and September 2006-December 2007.
Litigation Skills: Represented clients in complex civil litigation matters involving antitrust, copyright
infringement, product liability and regulatory issues. Handled all aspects of pre-trial preparation
including, drafting complaints and answers; drafting and responding to discovery requests; drafting
and responding to motions to compel; conducting legal research and drafting memoranda; taking and
defending depositions; preparing expert witnesses for depositions; drafting various motions and briefs, including motions to dismiss, motions to remand and appellate briefs. Served as lead counsel in three federal copyright infringement lawsuits and successfully negotiated settlements in all three cases. Pro Bono Commitment: Appointed to Firm Pro Bono Committee. Devoted 15% of billable hours to pro bono clients including, successfully defending a low income Tenant Association in a right of first
refusal action; drafting a habeas corpus appellate brief to the Fourth Circuit Court of Appeals; and
drafting an amicus curiae brief to the United States Supreme Court in Seattle and Louisville racebased
school assignment cases.
Lawyers Committee for Civil Rights Under Law, Washington D.C.
George N. Lindsay Fellow, Education Project, September 2005-August 2006.
Engaged in a comprehensive analysis of the No Child Left Behind Act transfer provisions and
presented findings at Thurgood Marshall Law Review Symposium. Assisted in drafting a successful
motion to intervene on behalf of the Connecticut branch of the NAACP in an action challenging the
funding provisions of the No Child Left Behind Act. Conducted parental empowerment workshops
teaching parents and students their legal rights in the areas of student discipline, special education
services and the No Child Left Behind Act. Assisted in drafting an appellate brief to the Fifth Circuit
Court of Appeals on behalf of the Thomasville, Georgia Branch of the NAACP in a school
desegregation case.
United States District Court Central District, Los Angeles, CA
The Honorable Audrey B. Collins, Extern, August 2002-December 2002.
Performed legal research and assisted court in drafting tentative rulings on civil procedure and
constitutional law issues. Observed pre-trial conferences, settlement conferences, and motion
hearings.
Duration : 0:4:50
This is part 1 of a two part interview with Professor Erika K. Woods of the University of Baltimore’s Civil Advocacy Clinic.
University of Baltimore School of Law, Baltimore, MD
Clinical Fellow, May 2008-Current.
Teach weekly civil advocacy seminar course. Supervise students in handling cases for low-income clients.
Arnold & Porter LLP, Washington D.C.
Associate, September 2003 – June 2005 and September 2006-December 2007.
Litigation Skills: Represented clients in complex civil litigation matters involving antitrust, copyright
infringement, product liability and regulatory issues. Handled all aspects of pre-trial preparation
including, drafting complaints and answers; drafting and responding to discovery requests; drafting
and responding to motions to compel; conducting legal research and drafting memoranda; taking and
defending depositions; preparing expert witnesses for depositions; drafting various motions and briefs,
including motions to dismiss, motions to remand and appellate briefs. Served as lead counsel in three
federal copyright infringement lawsuits and successfully negotiated settlements in all three cases.
Pro Bono Commitment: Appointed to Firm Pro Bono Committee. Devoted 15% of billable hours to
pro bono clients including, successfully defending a low income Tenant Association in a right of first
refusal action; drafting a habeas corpus appellate brief to the Fourth Circuit Court of Appeals; and
drafting an amicus curiae brief to the United States Supreme Court in Seattle and Louisville racebased
school assignment cases.
Lawyers Committee for Civil Rights Under Law, Washington D.C.
George N. Lindsay Fellow, Education Project, September 2005-August 2006.
Engaged in a comprehensive analysis of the No Child Left Behind Act transfer provisions and
presented findings at Thurgood Marshall Law Review Symposium. Assisted in drafting a successful
motion to intervene on behalf of the Connecticut branch of the NAACP in an action challenging the
funding provisions of the No Child Left Behind Act. Conducted parental empowerment workshops
teaching parents and students their legal rights in the areas of student discipline, special education
services and the No Child Left Behind Act. Assisted in drafting an appellate brief to the Fifth Circuit
Court of Appeals on behalf of the Thomasville, Georgia Branch of the NAACP in a school
desegregation case.
United States District Court Central District, Los Angeles, CA
The Honorable Audrey B. Collins, Extern, August 2002-December 2002.
Performed legal research and assisted court in drafting tentative rulings on civil procedure and
constitutional law issues. Observed pre-trial conferences, settlement conferences, and motion
hearings.
Duration : 0:6:43
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)
Duration : 0:3:14
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)
Duration : 0:2:19
www.advocatecapital.com
Over the past 10 years, Advocate Capital has worked to help cover case costs so their clients can achieve justice without financial worry
Duration : 0:1:42
www.advocatecapital.com
Advocate Capital’s working capital product was created as a way for law firms to fund general business expenses, with the benefits of Advocate Capital’s support system and large line of credit.
Duration : 0:1:52
www.advocatecapital.com
Advocate Capital has provided attorney funding to deserving clients for over 10 years. Visit Advocate Capital’s website to learn about legal practice cash flow, and the many financing products available.
Duration : 0:1:47
www.advocatecapital.com
Advocate Capital offers many financial tools to choose from, including case expense funding, working capital line of credit, and settlement funding. Visit Advocate Capital’s website for more information on all of the products and which would be best for you.
Duration : 0:2:1
www.advocatecapital.com
The Settlement Funding product from Advocate Capital is a useful financial that provides fast, inexpensive fee acceleration on signed settlement agreements.
Duration : 0:1:33