July 7th Hearing

[righty]

Re: July 7th Hearing

I think that as the dust begins to settle consumers/shareholders are going to start considering their legal options.

One of these which I understand from a good source has already started in America by way of class actions, will be to sue the banks for failing in their fiduciary duty.

No doubt said UK shareholders will be part of a huge group action & I just wonder who will pay.

Furthermore as we know ministers cannot rely on Crown Immunity & I wonder if those same shareholders will sue the ministers responsible for relaxing the rules together with those agencies responsible for failing to properly oversee the banks.

Interesting times ahead
------------------------------- merged -------------------------------
Forgot to say that If I'm correct it's gonna make attempts to recover bank charges seem like very small beer indeed

[ROBSTER]

Re: July 7th Hearing

Great point Righty !

Bring it on!!

[EXC]

Re: July 7th Hearing

There's still a case being heard in courtroom 73 so it might start a bit late

[EXC]

Re: July 7th Hearing

Tom has asked the court service for a figure on the number of stayed cases in the County Courts and should have an answer by tomorrow.

My guess would be 75000.

[righty]

Re: July 7th Hearing

Great EXC .................. for what purpose???

[EXC]

Re: July 7th Hearing

Great EXC .................. for what purpose???

I would imagine he wants to include the figures in LB's OFT consultation response.

[righty]

Re: July 7th Hearing

Excellent Thanks for that info

[EXC]

Re: July 7th Hearing

The Court Service have come back with a figure of 60,000 stayed bank charge cases currently in the system..

However they have advised that because their search function cannot indentify all the varying permutations on the names of the defendants named on the POCs by claimants - ie Lloyds, Lloyds Bank, Lloyds Bank PLC, Lloyds TSB, Lloyds TSB PLC etc - the figure ''could be significantly more''.

[righty]

Re: July 7th Hearing

60,000 (at least) individual claims many of whom will be struggling to make ends meet even more now.

Before I go hit someone please tell me this case is not just about saving the banks.

[natweststaffmember]

Re: July 7th Hearing

What about the numbers of case with the FOS re hardship claims?

[Tools]

Re: July 7th Hearing

Good point Nattie, but also there will be many cases that are not in hardship that have taken the FOS route. There are also a great many people that will have recharge claims not even started, waiting on the outcome of the Test Case or who are not even aware they are able to reclaim.

[EXC]

Re: July 7th Hearing

I wonder if this could be related to the wording of Justice Smith's awaited declaration on historicals being subject to the assessment of fairness under UTCCR?

COURT 72
Before MR JUSTICE ANDREW SMITH
Monday 27 October 2008
At 10:30
IN PRIVATE
Application

[ROBSTER]

Re: July 7th Hearing

Didn't he have an "in private" meeting the day before he announced his initial findings?

Could it be the banks & OFT trying to fudge some sort of compromise e.g. we will agree to drop the appeal if you agree £8 (I got that bit off Barclays)-£12 charges like you did in the credit cards.

Which is probably going to be the result all along any way

That way Angela Knight could save some smugness and OFT would still be the consumers champion yet bankers friend?

Be interesting to hang around outside to see if any one we know turns up!


Any body in the area???

Good spot exc!

[EXC]

Re: July 7th Hearing

Didn't he have an "in private" meeting the day before he announced his initial findings?!

Correct.

My feeling is that they could be thrashing out the minutia of the declaration as it could have significant implications on currentl stayed cases in the County Courts.

[righty]

Re: July 7th Hearing

Shouldn't justice be seen to be done. After all it ain't a family court