Fri | Dec 14, 2018

Cash Plus lawsuit against NCB hearing

Published:Monday | December 17, 2007 | 9:32 AM

The hearing of a lawsuit by Cash Plus Limited filed against the National Commercial Bank (NCB) is expected today.



The bank claimed that it was forced to close Cash Plus accounts under its Know Your Customer policy.



However, Cash Plus has accused NCB and other commercial banks of conspiring against the alternative investment scheme, by refusing to cash customers\' cheques and moved to close its accounts.



The Jamaica Bankers Association (JBA) rejected claims that commercial banks are conspiring against investments schemes.



Last week, the Supreme court granted Cash Plus an extension of an injunction barring NCB from closing the investment scheme’s 26 accounts.



The injunction expires today.