Banks under pressure to supply class action info

Four banks currently being sued as part of a huge class action to recover alleged unfair fees could face further legal action if they do not supply information vital to the case by the end of the week.

Commonwealth Bank and its subsidiary BankWest, ANZ and the Bank of Queensland have all been served notice to comply with law firm Maurice Blackburn’s May 31st written request by Friday (July 16th) or face action in the Federal Court, the Herald Sun reported.

"We intend to institute proceedings promptly unless we get satisfactory responses by the end of the week," said Andrew Watson, principal of Maurice Blackburn.

The law firm is currently targeting 12 banks on behalf of litigation funders IMF Australia and Financial Redress for what they argue are excessive punitive fees on transaction and credit card accounts since 2004.

Maurice Blackburn is aiming to launch the first of several class actions against individual banks in six weeks but is currently assessing which actions should be pursued against specific banks. The actions and their outcomes are sure to interest Aussies looking to compare credit cards and achieve the best value for money.

According to the Herald Sun, new registrations of claimants are running at 250 a day, with 142,000 claimants already registered in respect of 183,500 separate bank accounts.

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