find the latest legal job
Part Time Risk & Compliance Officer
Category: Other | Location: Brisbane QLD 4000
· Brisbane City · Flexible Part Time Hours
View details
Infrastructure Lawyer/SA
Category: Construction Law | Location: Sydney CBD, Inner West & Eastern Suburbs Sydney NSW
· Global elite law firm · Dedicated Infrastructure team
View details
Property Lawyer
Category: Property Law | Location: All Melbourne VIC
· 12 Month Contract · Diverse Work
View details
In-House Legal Counsel (Mid to Senior)| Regulated Markets (Energy and Gas)
Category: Generalists - In House | Location: Melbourne CBD & Inner Suburbs Melbourne VIC
· Full PD on Request · Exciting High Impact Role
View details
Family Lawyer
Category: Family Law | Location: Eastern Suburbs Melbourne VIC
· Boutique Firm · Great Reputation
View details
Win for ANZ in bank fees class action

Win for ANZ in bank fees class action

Providing a win for ANZ Bank in a $50 million class action brought against it by IMF, the Federal Court ruled today (5 December) that the bank's honour fees, dishonour fees, over-limit fees and…

Providing a win for ANZ Bank in a $50 million class action brought against it by IMF, the Federal Court ruled today (5 December) that the bank's honour fees, dishonour fees, over-limit fees and non-payment fees were not capable of being characterised as penalties.

Maurice Blackburn filed the class action against ANZ on 22 September for unlawful penalty fees - the first of 12 major banks to face mass legal action - arguing that the exception fees charged by ANZ are illegal and that banks should only charge customers for their reasonable costs incurred, which may be as little as $1, rather than the $20 currently charged by ANZ for late credit card payments.

"We identified 17 different fees and charges applied by ANZ to its customers, which we believe are an unfair and excessive imposition on the more than 34,000 people who are part of the class action," said Maurice Blackburn principal Andrew Watson.

Following a two and a half day hearing in October, Justice Gordon held today that one of ANZ's bank fees - the late payment fee - was capable of being characterised as a penalty. Whether it is in fact a penalty will be examined in the action's main trial in 2012.

"Today's Federal Court judgment found that most of the fees being looked at by the court were not a penalty," said ANZ chief executive officer Australia Philip Chronican.

"Our consistent position has been that while some of these fees may have been unpopular, we believe they were lawful and we're pleased this has been largely vindicated in today's ruling.

"The one finding in IMF's favour does not provide a resolution for class action participants. It's a complex case still in the preliminary stages and we will continue to vigorously defend the IMF action next year," he said.

The legal action is being funded on a 'no win, no fee' basis by litigation funder IMF Australia and managed by its subsidiary, Financial Redress.

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Win for ANZ in bank fees class action
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
Law Council of Australia
LCA calls for urgent adoption of ‘game-changing’ recommendation
The Law Council of Australia has urged for the immediate adoption of a key recommendation put forwar...
Sally Wheeler
Nov 20 2017
ANU College of Law appoints new dean
A distinguished legal academic and the former head of law of a higher education institution in Irela...
Nov 17 2017
It's time for politicians to commit to eradicating domestic violence
The national shame of domestic violence cannot be left unaddressed, writes Christine Smyth. ...
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...