We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Canadian Bank Sued Over Lines Of Credit

Law360 (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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.