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10 Cents
How will you spend your 10 cents? That's the question many Citibank credit card customers will be asking when they receive their settlement from a class action lawsuit brought against the bank. It seems that "Citibank had made it a policy that late fees would be assessed on payments that arrived after 10 a.m. the day the bill was due. Even those credit card holders who were given a 24-hour grace period on the late fee still were charged an extra day's interest, as if the payment arrived the day after it was due." As a result of the lawsuit, Citibank extended the late-fee cutoff to 1 p.m.

As compensation, Citibank customers are receiving checks for a dime, although some of the payouts go as high as a quarter or even a bit more. The lawyer who filed the suit, however, received a lot more than a dime. In fact, the lawyers received about seventy-two million times as much compensation. Plus expenses.

Unfair you say? Well, that's what Public Citizen says. Not about lawyers receiving tens of millions of times as much compensation as their putative clients. Public Citizen is all for that. No, what Public Citizen consider "unfair" is that businesses object to the class action extortion racket. To wit, Public Citizen has unveiled their latest campaign, "Unfairness Incorporated: The Corporate Campaign Against Consumer Class Actions."

Winston is quite impressed that Public Citizen is able to call opposition to extortion "unfair" with a straight face. He wonders how they will top this. Perhaps by backing a class action suit by pickpockets against any of their "clients" who were carrying insufficient cash.
  • Click for St. Petersburg Times article.
  • Click for Public Citizen's Unfairness Incorporated campaign.
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