Sunday, January 8, 2017

Fees – Everything Is Negotiable – Sü

The American lawyer Michael home field seems to want to get money from German banks to have a lot of demands for Pay with a debit card.

If the Name of Michael D. home field in companies, means that often nothing Good for you. The American lawyer is known and feared suits for his billion-dollar damages: He represented former NS forced labourers and the victims of the oil Spill following the wreck of the tanker Exxon Valdez, he argued with Texaco because of discrimination of black employees and with the tobacco industry for misleading advertising. And, more recently, Germany is clearly the focus of the 72-year-old native New Yorker.

After the Berlin branch of Hausfelds firm had submitted last week in the VW-exhaust-scandal a pattern of action, with the help of the customer should get back the billions of the wolf burgers, and now, apparently, German banks because of alleged prohibited cartel agreements. And as in the past, home field proceeds as in public, this time with a report in the Bild am Sonntag.

home field, and his people are preparing accordingly, extensive and potentially expensive damages from lawsuits against several financial institutions. For years they have requested for payments made with the debit card from retailers a uniform fee of 0.3% of the respective turnover – a total of about 300 million euros in the year. The Bundeskartellamt saw in 2013, however, a restriction of competition; in 2014, the banks undertook to negotiate the fees with the retailers. As a result, prices have fallen by up to 40 percent, revealed a study of the authority.

as in prior years incurred more costs wants to claim Hausfelds firm now, apparently, for a number of clients for ten years retroactively. Savings banks, national banks and several private financial institutions like Deutsche Bank are to be affected, the report says. A representative of the firm in Germany have confirmed that appropriate actions were prepared. In whose behalf he left open, however, the law firm representing “a number of well-known clients,” he said. Among them, the major oil companies, as well as well-known trade should be located the company. The actions should soon be at the regional court of Frankfurt filed.

threaten, It could be expensive: The banks of new processes.

(photo: Imago)

The Institute, in view of the public proceedings notice once left. For years individual charges with the trade would be agreed, informed the Association of the people and the banks, with Raiffeisen as the leading representatives of the industry on Sunday. The earlier the same fee was requested on the Basis of a then existing statutory exemption, and the authorities have been matched. “A cartel infringement was not, at any time, and has also been by the Federal cartel office is not established,” it said. A spokesman for the Association of the German credit economy speculated, moreover, Hausfelds firm attempts to “single German trading company in lawsuit against the credit economy drive”.

With the public announcement might try home field yet, pressure on the banks. The industry has been struggling after a number of consumer-friendly Judgments, such as in the case of loan processing fees and prepayment penalties, anyway.

internationally, it would not be the first Time that companies from the financial sector to be sued because of excessive fees. In September, the credit card group Mastercard a were, for example, the largest damages claim in British history: The applicants require the equivalent of about 16.3 billion euros of the US group, because he is supposed to have high fees demanded. The lawsuit is a ruling by the European court of justice (ECJ) from the year 2014, was preceded, according to Mastercard was required between 1992 and 2008 in the international payment traffic to high fees.S. Radomsky, J. Schmidbauer


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