ANZ customers have court win on fees
Thursday 6 September 2012 @ 3.29 p.m. | Corporate & Regulatory
The High Court has handed a victory to 38,000 ANZ Bank customers who were seeking compensation for fees paid to the bank for overdrafts and late payments.
The High Court overruled a December 2011 decision by the Federal Court on the issue
of bank fees, strengthening the hand of the plaintiffs seeking more than $220 million
in fees from eight banks.
The court said the fees charged by ANZ potentially qualified as "penalties" although
they didn't breach a contract between the bank and its customers.
To read more, click here.
Timebase's Competition and Consumer Point-in-Time Service allows subscribers to view complete histories of legislative provisions, compare and view changes over time and search for relevant content at any date. Contact Timebase for a free trial.
