Today marks the end of the legal battle between consumers and greedy banks over unauthorised overdraft charges. The banks won.

Well, we saw this coming even if no-one else did. Can you imagine if the banks had lost this case? The millions they would have had to pay out would have dented the economy even more and potentially put the banks back to where they were 12 months ago; struggling to stay afloat and losing shares.

So what was the legal battle all about? Well, this has been ongoing since July 2007 and it was because banks were charging extortionate fees to those who had overdrafts. Consumer rights groups kicked up a fuss and the battle raged on. Some reported that this was highly likely going to go in favour of the consumers, but in reality, it was just never going to happen. The Supreme Court ruled in favour of the banks and the rest, as they say, is history. However, we should point out that the president of the Supreme Court, Lord Phillips, has said that the Office of Fair Trading’s investigations are still very much ongoing. Will this have any impact? Probably not, but it is a token offering to cushion the blow that the consumers have received today.

Some 1 million people have filed legal claims to get refunds for their bank charges, but it is feared that these cases will now be dismissed.

Read more here: Banks Win Legal Battle