Britain’s banks won a surprise victory on overdraft fees on personal bank accounts as the Supreme Court in London ruled on Wednesday that the charges cannot be assessed for fairness by the competition regulator. The ruling shocked many of the 1m customers who want to reclaim bank charges for unauthorised overdrafts that they argued were unfair, and whose court cases had been frozen pending the court verdict. Lawyers say the majority of the claims will now be thrown out as they rely solely on two points of law that have been won by the banks.

This entry was posted by Gwen Robinson on Thursday, November 26th, 2009 at 5:02 and is filed under Capital markets. Edit this entry.