Clients sue Australia & New Zealand Banking Group Ltd.
Australia's third largest lender by market value, Australia & New Zealand Banking Group Ltd. was sued by 27,000 customers seeking to recoup about A$50 million ($48 million) of bank charges.
IMF Australia Ltd., the country's biggest litigation funder, said today a class action, or group lawsuit, was filed in federal court in Melbourne on behalf of these bank customers.
Customers were primarily opposing the so-called exception fees, which include those for insufficient funds, overdrawn bank or credit card accounts and late credit card payments.
Australia's biggest banks, including Commonwealth Bank of Australia and National Australia Bank Ltd., have stopped charging these fees after customers' complaints piled up.
According to a related Bloomberg report, IMF is seeking to recoup all the fees, plus interest, that Australian bank customers paid in the past six years. The total may be as high as A$5 billion, James Middleweek, managing director at IMF's Financial Redress Pty unit, said in May.
Maurice Blackburn Lawyers will ask the court to place the lawsuit on its "fast track" list, IMF said.
As of press time, the ANZ has not issued a statement on this matter.