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UK Supreme Court: Judgment in OFT v Abbey National plc & others [overdraft charges]

( November 25, 2009, 10:07 GMT | Official Statement) -- MLex Summary: The UK's Supreme Court has sided with a group of banks in a test case brought by the Office of Fair Trading to ascertain whether overdraft charges could be reviewed under consumer-protection legislation. A contrary ruling would have opened the floodgates to a sea of consumer claims but Britain's leading banks, including HSBC, Barclays and RBS, received a favourable judgment today, with one law lord noting that "in the absence of the charges the banks would not be able profitably to provide current account services without a fee." The OFT may, however, still choose to pursue the fees using other legal instruments.Court statement and full judgment follow below....

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