Court Upholds "Prime Rate" Case Dismissal

Law360, New York (May 9, 2007, 12:00 AM EDT) -- An appeals court has upheld the dismissal of a case which challenged the definition of the term “prime rate” and accused several prominent banks of fleecing customers by charging too much interest under loan and credit card agreements.

The U.S. Court of Appeals for the Third Circuit affirmed a lower court’s decision to throw out the suit on Monday. The plaintiffs in the suit had borrowed money from the defendants and agreed to pay an interest rate tied to the “prime rate,” a term the plaintiffs...
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