Endowments - Latest News 20 August 2008

Bank charges judge: Freeze customers claims for time being- 07/02/2008[top]

Customers whose legal stays on County Court bank charges claims were due to end this week will be encouraged by the suggestion of High Court Judge Justice Andrew Smith that they be frozen until he comes to a decision in the test case on bank overdraft charges.

After banks and the Office of Fair Trading (OFT) agreed on a test case to clarify the law surrounding the charges, thousands of cases were frozen by the County Courts.

"Many proceedings have been on hold in the expectation that this hearing will assist the management of the County Court litigation," said Mr Justice Smith.

He continued: "I haven't discerned anything during the hearing that undermines that expectation, and I don't mind that being conveyed to those charged with managing the County Court cases."

Although the test case is expected to end this week, the judge's decision could take months and following this an appeal is likely to be launched by the losing side.

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