ANZ facing overcharges class action suit

3 October 2011

Australia and New Zealand Banking Group (ANZ) is facing a class action suit with regards to claims it overcharged customers excessive fees.

Law firm Maurice Blackburn - which represents 34,000 users of the lender - is seeking to recover these charges in a case worth AU$50 million ($48.5 million).

An additional 11 institutes could be set to face similar action, with the ANZ instance acting as a precedent for such a hearing.

ANZ - which first opened as the Bank of Australasia in Sydney in 1835 - is to vigorously defend the law suit and the case may extend will into next year, a spokesman from the bank revealed.

Claimants are contesting that the lender caused customers to pay exception fees - which include payments for overdrawn accounts and insufficient fund penalties - to the tune of AU$1.2 billion a year.

IMF Australia, the biggest litigation funder in the country, is backing Maurice Blackburn in the case.

By Tony Aynsley

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development