Labour legislation on class action lawsuits would benefit tracker mortgage customers
Labour Party TD for Longford/Westmeath Willie Penrose TD will introduce the Courts (Multi Party Actions) Bill 2017 in Dáil Éireann next week.
This Bill will allow wronged tracker mortgage customers to take a class action suit, rather than them all taking individual cases against banks.
Deputy Penrose said:
“This unique Bill would seek to facilitate multi-party, or class, actions. Cases like this are not currently permissible under Irish laws.
“Just a few short years ago the banks brought our country to its knees with reckless lending. Now we have yet another scandal. The banks are now in a place where they are posting billions of euro in profits, yet they have systematically defrauded tens of thousands of customers. These customers deserve to be able to take a collective action, rather than thousands of customers going in and out of the courts on the same issue.
“These types of cases will lower litigation costs for those seeking justice from the wrong-doings of the banks.
“Parties from all sides of the Oireachtas have criticised cartel-like behaviour from the banks, if we are to truly help these families impacted by tracker mortgages, it is imperative that this legislation goes through the Houses quickly with full cross-party support.”