ANZ the first to face legal action over fees

Wednesday 22 September 2010

Article by Mozo

ANZ has become the first bank to be hit with a lawsuit as part of a huge class action aimed at recovering "unfair" penalty fees.

According to news.com.au, the suit against ANZ has been lodged with the Federal Court and will be the first of many against Australia's major banks over the coming months.

The news website quoted various other sources including the Sydney Morning Herald, which stated that the entire legal action against the banks – which is being organised by litigation firm IMF – has attracted more than 200,000 customers who believe they have been ripped off by exception fees on credit cards and various other accounts.

NAB, Westpac, Commonwealth Bank and BankWest are among the other institutions that are expected to be served as part of the class action.

The outcome of the action could have a huge impact on the rights of discerning consumers who may want to compare credit cards and other financial products. Speaking to the AAP, James Middleweek of litigation funder Financial Redress said that depending on the outcome of the ANZ case, he expected further claims to move ahead shortly.

"I think the plan would be to roll out four or five of these cases in the coming months," he confirmed.

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