Fri, 24 May 2013
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Banks set to appeal OFT charges ruling
I imagine that the banks' liability to compensate is already discounted in their share prices. In any event this is chicken feed compared to their mortgage backed securities liabilities.
I haven't read the judgement yet but I am interested in why the judge ruled that the charges are not penalties. When they were introduced they represented the actual cost of processing (a typist had to be employed!) Over the years the damages claim morphed into a penalty charge in my opinion. Isn't there a chance that a higher court will decide that the charge is a penalty - re-opening the door for business customers to claim, or can't that point be raised again?
However I am sure that the banks will appeal because they need to postpone for as long as possible their ultimate liabilities because of more pressing 'credit crunch' matters.
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