OFT v Banks - Round One to OFT

[nosnewois]

Originally Posted by JonCris

I also heard the Judge.........is going to order the banks refund the charges just before going on his hols.........so as to avoid the wrath of the bankers...........Of course not...a rumor......is a rumor.......is a rumor...on the otherhand.......if it's true

Maybe he has a claim pending too and he wants the money back before his holiday to use as spending money while he is there

[JonCris]

Would you believe it I've just been to The Shaggers Billet for a pint (used to be called the Prince of Wales before changing it's name to Red Ken) & I heard that too.......amazing

[patrickq1]

i hope so,then some un elected bod can get it stuffed up his a** NORTHERN ROCK should have been left to go bust ,and if one thing is for sure it would bring down this goverment and possibly cause a landslide throughout the banking industry as most of them are relying on the secret deals for finance from the BoE and they would have to come clean as it is no one has been transparent to date concerning figures all of this happened through creative accounting if you go back 5 years barclays have made in exces of 65bil yet they have no cash HALIFAX cannot even lend money on small loans upto 5 thou so it looks like halifax are sailing close to wind how many more,,,,,,
patrickq1

[andrewman]

Martin lewis says the OFT test case results are to be released on thursday 24th April, lets hope it is true and results are favourable.

[shammy36]

Fingers and everything else crossed mate

[Mister Twister]

I hope Martin is right (He is not always!).

The Judge said his announcement would be made on a Friday so the banks had the weekend to prepare so there must have either been a change of heart or the banks have known since last week!

[andrewman]

i hope what martin says is true. last i heard judge said that his ruling would make history whether that means we win or banks win i can only guess, also the banks wanted more time to think any decision against them over, maybe the banks have won if results are published on thursday. which ever way it goes we could lose out, if banks win we have to stop claiming and accept what ever they want to charge, if banks lose we could have to pay for all transactions done with the banks. only time will tell.

[sillygirl1]

From my understanding it is a three way split

1. Outright win for the OFT
2. Outright win for the banks
3. Compromise - ie SOME charges will be unlawful...

Gleaned from several newspaper reports this evening.

[nicsussex]

Originally Posted by Mister Twister

The Judge said his announcement would be made on a Friday so the banks had the weekend to prepare so there must have either been a change of heart or the banks have known since last week!

Not quite the case - the judge agreed to give both sides 48 hours prior knowledge of his judgement - so the banks do actually know as do the OFT and will have known from yesterday

[ncf355]

Roll on Midday

By then the news should have a full grasp

Fingers crossed folks

[Ladidi]

Banks are bracing themselves for losses...

http://news.bbc.co.uk/1/hi/business/7362856.stm

[lickthewallfatboy]

maybe someone from the banks "in the know" might drop by and enlighten us.....

not likely!!

[breeze1996]

I joked with abbey today about another bank needing a loan to pay off bank charges and the girls behind the counter laugh and said Abbey had enough to pay the charges, not that they didn't know or that they were not going to pay....

She got a black look from her boss, and looked down quickly....

[jansus]

Originally Posted by Mister Twister

I hope Martin is right (He is not always!).

The Judge said his announcement would be made on a Friday so the banks had the weekend to prepare so there must have either been a change of heart or the banks have known since last week!

The notion that the banks already know the outcome of the judgment is a myth.

Neither the banks or the OFT themselves will have notification of the judgment before tomorrow.

Justice Smith made it very clear that the 'embargoed' judgment would only be made privvy to 2 legal representitives of each bank and the OFT.

Their are strict rules in the commercial courts that prevent the parties themselves from having prior notice of judgment - not least to deter insider trading of shares.
__________________

[Conniff]

Originally Posted by JonCris

I also heard the Judge.........is going to order the banks refund the charges just before going on his hols.........so as to avoid the wrath of the bankers...........Of course not...a rumor......is a rumor.......is a rumor...on the otherhand.......if it's true

I heard all claims were going to be paid in lottery tickets - well, I can speculate as well can't I?

[nicsussex]

Originally Posted by jansus

Justice Smith made it very clear that the 'embargoed' judgment would only be made privvy to 2 legal representitives of each bank and the OFT.

And do you think that the banks QCs have not reported to their clients?

[breeze1996]

I heard that there are a fair few Lords have overdrafts on their Castles, if they have to pay charges too. do you recon they have been lobbying the judge to give them their cash back?

[carter56]

is their loss going to be our ga