Thursday, 2 August 2007

Bank Charges Campaign Gets Big in Japan

Today's FT reports that a landmark Japanese Supreme Court Ruling has left consumer credit lenders vulnerable to borrowers seeking to reclaim money by claiming that they have been overcharged in similar ways to the UK consumers over bank and credit card default charges.

This in a week when HSBC reported it has already paid out over £116 million to UK consumers; HBOS £79 million; and Lloyds £36 million. With the movement now going international, it now looks as if these sums will be tip of the iceberg.

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