Fletcher v. Security Pacific National Bank

Opinion

TOBRINER, J.

Two years ago, in Chern v. Bank of America (1976) 15 Cal.3d 866 [127 Cal.Rptr. 110, 544 P.2d 1310], our court determined that the industiy-wide banking practice of computing so-called “per annum” interest rates on the basis of a 360-day year constituted an unfair trade practice under Business and Professions Code section 17500.2 We concluded that the practice as such, could, and should, be enjoined. In the instant case, instituted several years prior to our Chern decision, plaintiff challenged an identical practice of interest computation by *446another bank. Plaintiff sought,…