Americans will sue against the German financial institutions for excessive fees for using debit cards

Us law firm Hausfeld is preparing a multibillion-dollar lawsuit against many German financial institutions as savings banks (Sparkassen) and private banks like Deutsche Bank or Commerzbank.

It is reported by DW with reference to the publication Bild am Sonntag.

According to him, the German banks accused of cartel arrangements through which they for many years were charged excessive fees for the use of German debit cards of national payment systems Electronic Cash(EC). Hausfeld is planning to file a lawsuit in Frankfurt.

The representative of the company in Germany Christopher Rother said Bild am Sonntag that its founder — star American lawyer Michael Hausfeld — represents the interests of the «several well-known customers.» According to the German publication, including major oil and trading companies.

Trade organization had paid on card payments to 0.3 percent of the transaction amount. Only in 2014, after pressure from the office of the Federal office of banks agreed to negotiate the issue of payment, then it fell by 40 percent. In 2015 debit cards was paid for the goods at almost 100 billion Euro.

Previously, the cardholders of MasterCard in the UK appealed to the Appeals Tribunal the competition with a request to collect from the payment system 14 billion pounds.




Americans will sue against the German financial institutions for excessive fees for using debit cards 08.01.2017

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Январь 8th, 2017 by
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