Banks Targeted by Italy's First Class-Action Suit
Class Action News
Consumer group Adusbef plans to fight Italian banks' use of a certain type of compound interest on loans, in what could lead to Italy's first class-action lawsuit, a statement from the group said.
A recently enacted law will allow class-action lawsuits -- commonplace in the countries such as the United States -- to be filed in Italy starting July 2008.
Adusbef, which focuses on financial services matters, wants to take aim at the so-called practice of anatocism, where compound interest is calculated on the initial loan plus interest that is accumulated each time the money comes due.
"We want to start from the most hated banking practice, this form of usury that is known as anatocism," Adusbef said.
That is opposed to using simple interest, in which only the interest on the original money borrowed is added.
Although banned by the Italian civil law code, Italian banks have been using compound interest for over 50 years, Adusbef said. No-one at Italian banking association ABI was immediately available for comment.
Related listings
-
De Beers Diamonds Settles Class Action Lawsuit
Class Action News 01/10/2008If you bought diamonds over the last decade, you might be entitled to some money back.The mining company De Beers is settling a $295 million class action lawsuit.De Beers was accused of fixing diamond prices and monopolizing the market. The case invo...
-
Drug-maker Faces Class Action Over Zimulti
Class Action News 01/09/2008A class action lawsuit has been filed against pharmaceutical powerhouse Sanofi-Aventis alleging that the company hid data concerning adverse events associated with their obesity medication Zimulti. The French company allegedly concealed data showing ...
-
Darden settles 2 class-action lawsuits for $4 million
Class Action News 01/08/2008Darden Restaurants paid $4 million to settle two class-action lawsuits that had been brought by California employees of Red Lobster and Olive Garden, the Orlando-based company reported in a government regulatory filing late last week. Settlement of t...
Illinois Work Injury Lawyers – Krol, Bongiorno & Given, LTD.
Accidents in the workplace are often caused by unsafe work conditions arising from ignoring safety rules, overlooking maintenance or other negligence of those in management. While we are one of the largest firms in Illinois dedicated solely to the representation of injured workers, we pride ourselves on the personal, one-on-one approach we deliver to each client.
Work accidents can cause serious injuries and sometimes permanent damage. Some extremely serious work injuries can permanently hinder a person’s ability to get around and continue their daily duties. Factors that affect one’s quality of life such as place of work, relationships with friends and family, and social standing can all be taken away quickly by a work injury. Although, you may not be able to recover all of your losses, you may be entitled to compensation as a result of your work injury. Krol, Bongiorno & Given, LTD. provides informed advocacy in all kinds of workers’ compensation claims, including:
• Injuries to the back and neck, including severe spinal cord injuries
• Serious head injuries
• Heart problems resulting from workplace activities
• Injuries to the knees, elbows, shoulders and other joints
• Injuries caused by repetitive movements
For Illinois Workers’ Compensation claims, you will ALWAYS cheat yourself if you do not hire an experienced attorney. When you hire Krol, Bongiorno & Given, Ltd, you will have someone to guide you through the process, and when it is time to settle, we will add value to your case IN EXCESS of our fee. In the last few years, employers and insurance carriers have sought to advance the argument that when you settle a case without an attorney, your already low settlement should be further reduced by 20% so that you do not get a “windfall.” Representing yourself in Illinois is a lose-lose proposition.