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Argentine consumer watchdog sues Banco Columbia for fees tied to life insurance

Argentine consumer defense association ADUC has filed a class-action lawsuit against Banco Columbia SA, according to a filing.

The ADUC is questioning the fees levied by the bank for life insurance and, more so, the terms associated with the fees, including "life insurance" and "total permanent disability," among others. The association said this practice is in violation of the law regarding credit products.

Banco Columbia said it is further analyzing the content and implications of the case in order to craft its response.