Banks 'face deluge of litigation'

[Legal Beagles]

Banks face an "appalling prospect" if the Office of Trading is allowed to rule overdraft charges are unfair, a court hears.

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[Amethyst]

Re: Banks 'face deluge of litigation'

Pity

[Curlyben]

Re: Banks 'face deluge of litigation'

Actually this is cobblers.
If the OFT win and UTCCR applies, then litigation would be unnecessary.
Surely the banks would actually see sense and just pay up on the spot !!!

Come on they are insured to the hilt and even if ALL the charges where repaid it's still a relatively small amount of money.
OK several 10's of billions, but how much have the bail outs cost us so far ?!?!?!

[Budgie]

Re: Banks 'face deluge of litigation'

Estimated at £2.5 billion per annum taken in charges.

But start adding compound interest at 28ish% by way of disgorgment restitution of "ill gotton gains" and that soon multiplies things up very nicely.

.............. and the OFT / Banks would have no say in how restitution would be achieved. This would need to be handled by some from of Group Litigation Order once the main Test Case has been resolved.

[righty]

Re: Banks 'face deluge of litigation'

What the banks could do but won't is make FF offers to those who claim & in consideration of the hassle free early settlement those offers could be lower than entitlement - Whilst some may not accept I suspect many will because a) they need the money & b) want to get on with there lives.............. insurers do this all the time................ it's why low settlement offers increase dramatically in the weeks leading up-to Xmas