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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Italian banks face first class action lawsuits AFP - Sunday, January 3 Send IM Story Print A view of the headquarters of Italian leading bank Unicredit in Milan. An Italian consumer rights group has launched class action lawsuits over overdraft charges that could cost two banks up to 6.25 billion euros (nine billion dollars), Italian media reported Saturday. ROME (AFP) - – An Italian consumer rights group has launched class action lawsuits over overdraft charges that could cost two banks up to 6.25 billion euros (nine billion dollars), Italian media reported Saturday. The cases are the first to be brought under a new law permitting class action suits in Italian courts and follow an inquiry by the country's antitrust authority, published in December. This found that in some cases bank overdraft fees were 15 times higher than under an old system which was abolished several months ago with the aim of lowering charges. The Codacons customer rights association filed cases against the Unicredit and Intesa San Paolo banks on Friday in Rome and the northern city of Turin, respectively. In its complaint, Codacons said Intesa San Paolo and Unicredit should each pay their customers at least a billion euros in compensation. "As many as 25 million citizens could be affected, and each could claim 250 euros, giving an overall total of 6.25 billion euros," Carlo Rienzi, the head of Codacons, told the CnrMedia.com website. Two other consumer organisations, Adusbef and Federconsumatori, have also announced collective legal action against banks. The new law allows collective lawsuits against any unfair commercial practice from August 16 2009 onwards. Unlike the US system, the Italian law only allows for compensation to the victims -- there is no provision for imposing "punitive damages" against companies. Rienzi said he was confident of winning the cases against the banks, but said the new law would be more effective if it allowed punitive damages. Recommend Send IM Story Print News Search Top Stories Italian banks face first class action lawsuits German businesses abuse scheme to save jobs Insurer Allianz sees good year for Germany in 2010 Handball Henry still a fan favourite 'Snowbama' time in Hawaii More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Japan Airlines 'may stop international flights' 'Snowbama' time in Hawaii Oil prices rise on last day of 2009 Iran's Mousavi ready to die for opposition cause UK honours F1 king, Status Quo stars, but bankers out More Most Viewed » Tiger's wife Elin seeking divorce: reports British priest defends urging people to shoplift Century-old butter found in Scott's Antarctic hut Brazilian confesses to sticking needles into two-year-old Plastics component affects intestine: study More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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