Court's financial paper

By Angela Xu | April 3, 2009, Friday |

Print Edition

THE Shanghai Higher People's Court yesterday delivered its first white paper about the financial cases local courts handled last year to financial institutions to help them improve services and avoid disputes.

According to court statistics, local courts accepted 14,738 civil lawsuits related to financial disputes last year, 19 percent more than the previous year. The cases covered 22.95 billion yuan (US$3.36 billion) in total last year, about the same as in 2007.

In addition, 562 financial criminal cases were handled by local courts last year, up 43 percent from 2007, the court said.

Judges said the number of financial cases increased last year due to the global financial crisis and may increase again this year. Some disputes would have been avoided if financial institutions provided better service.

One of the cases dealt with a bank's management fees.

A local bank whose name wasn't revealed reached an agreement with a local citizen surnamed Guo yesterday to return his 30 yuan annual bank card management fee under the mediation of the Changning District People's Court.

Guo applied for a bank card in December 2005 and later discovered the bank deducted a 10-yuan annual management fee from his account from 2005 to 2008.

Guo filed a lawsuit to ask for his money back, saying the bank didn't inform him before taking the money. Guo said he didn't agree the bank could charge a management fee.

Liang Zhiming, a spokesman for Changning court, said the two parties should have negotiated before changing the original agreement.

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Court's financial paper

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