Canadian Bank Sued Over Lines Of Credit

Law360, New York (December 18, 2006, 12:00 AM EST) -- The National Bank of Canada disclosed Monday that it has been hit with a class action lawsuit related to the way it grants lines of credit.

According to the suit, which was filed in the District of Montreal, the bank charged fees to certain consumers that it did “not take into account when calculating the ‘credit rate’ and the percentage value of this ‘credit rate.’”

“The petitioners consider that the charging of these fees, commonly referred to as ‘Management Fees’ or ‘User Fees,’ contravenes the imperative...
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