Probe At Allied Irish Doubles Customer Overcharges

Law360, New York (September 27, 2006, 12:00 AM EDT) -- Two years after Irish regulators revealed that Allied Irish Banks PLC had extensively overcharged its customers, an internal probe by the lender-the largest in Ireland-has doubled the total overcharges to €65.8 million.

The bank's two-year investigation of its own records found that AIB’s foreign exchange department in particular had overcharged thousands of customers, mostly since 1996.

The bank said most of the victims would never be identified and as a result it would only be able to pay back €11 million to wronged customers. It said...
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