Final Day OFT Test Case News

[Amethyst]

The hearing has now come to a close.

EXC's report will follow later these are just some main points as interpreted by others, Tuttsi and Budgie, that also attended the final day of the hearing this morning.


Theres been no date or expected time given for Judgement to be handed down - the Judge indicated he has no idea of timescales.

There will only be a short time between draft judgement and issued judgement - maybe 24 hours due to the risk of leaks

Judgement WILL only cover present terms but there is every likelhood that findings may translate to historic terms. Judge expects that a decision regarding historic terms may then possibly be made quite quickly, maybe within one month of handing down of initial judgement.

[Celestine]

Re: Final Day OFT Test Case News

That really is fantastic news.
I am so delighted that the banks cynical attempts to disguise penalties through T&C tinkering has failed!

4 Weeks to wait for directions on the County Court stays......thats great

[stevokenevo]

Re: Final Day OFT Test Case News

ever the pessimist, i wont be counting my chickens.

Its a strange world and strange things happen

Fingers X'd though :okay:

[orc]

Re: Final Day OFT Test Case News

Many thanks for the update Amethyst!
I too am looking forward to the update- same as everyone else.
It makes sense not to get too excited until the judges decision.

"It's not over till the fat lady sings".

But if a skinny lady starts humming a tune, perhaps we are on our way.

[jts]

Re: Final Day OFT Test Case News

Thanks to you all..
I wait with fingers crossed:tinysmile_twink_t:

[scottishlass]

Re: Final Day OFT Test Case News

Good afternoon all,

Would just like to say a huge thanks to EXC

Also to all the others that have attended and given their views on the case.

THANK YOU

[StoneLaughter]

Re: Final Day OFT Test Case News

I don't understand why there needs to be 2 judgements - one for current terms and one for historical. Surely the whole point of the OFT's case is that the changes in T&C's has not changed the overall nature of the charges?! Therefore surely the Judgement should be that they are penalties regardless of the wording, or when it was published?

A Judgement that found otherwise would open the way for people to write in clauses in their contracts which allows penalties so long as they make up some sh!t about them being charges for some amorphous, fictitious "service"! If that became the case, contract Law would be seriously, perhaps fatally flawed and contracts could become completely biassed in favour of one party without any hope of redress...

[Shazzaw]

Re: Final Day OFT Test Case News

BBC link :-

http://news.bbc.co.uk/1/hi/business/7234824.stm

[orc]

Re: Final Day OFT Test Case News

BBC News link 13.41

http://news.bbc.co.uk/1/hi/business/7234824.stm

End of case, judge to consider decision.

[Amethyst]

Re: Final Day OFT Test Case News

Judge mulls bank fees case ruling



Mr Justice Andrew Smith may take months over his judgement

The judge hearing the High Court test case on bank charges said his eventual ruling should help resolve thousands of claims pending in the county courts. But Mr Justice Andrew Smith, concluding on the 14th day of the hearing, said he had "no idea at all" when he would be able to deliver his judgement.
"I have a great deal of work to do before I make my judgement," he said.
The case has been staged to decide if bank overdraft charges can be regulated by consumer contract legislation.
Frozen claims
While the hearing has focused on existing terms and conditions that banks apply to their current accounts and overdraft charges, thousands of claims for the return of overdraft charges are still on hold in the county courts.
There is every indication that my findings will translate to the historic terms


Mr Justice Andrew Smith


Most of these were originally lodged by bank customers who were complaining about their bank's previous terms and conditions.
Many such claims were frozen last summer when the banks, the Office of Fair Trading, the Financial Services Authority, and the judiciary decided that a test case was need to resolve some of the legal issues involved.
Mr Justice Smith said he hoped his eventual judgement would give some guidance to county court judges.
"There is every indication that my findings will translate to the historic terms," he said.
"That could mean a decision on the historic terms in very short order - maybe within a month [of my decision]," he added.
Worried
The prospect of a decision that goes against them has always been worrying to the banks as it might jeopardise about £3.5bn a year that they currently derive from overdraft charges.
In court, several bank barristers expressed unease that Mr Justice Smith's eventual findings might leak out in the time between him circulating a draft ruling to the parties to the case, and handing down his final public decision.
"The key point is to ensure there is no breach of confidentiality on the draft judgement," said Mr Ali Malek for the Abbey bank.
Mr Justice Smith said he was "deeply troubled" by such a scenario.
He then decided that his draft judgement would be sent out only to a "very tight circle" of named lawyers for the OFT, seven banks and the Nationwide building society.
Earlier in the proceedings the barrister for Lloyds TSB, Mr Bankim Thanki QC, had expressed concern that once the judge's decision was known the banks would be inundated with calls from customers asking about their claims.
He had asked that the draft judgement be circulated on a Friday to give his bank time to digest it over a weekend and to prepare to respond to its customers.
Now, Mr Justice Smith has decided that he will probably give the parties to the case just 24 hours to respond to any typographical or factual errors.

[Amethyst]

Re: Final Day OFT Test Case News

DAY 14 final day - Legal Beagles