(5 October 2011 – Australia) The first stage in Australia’s biggest class action began in Federal Court on Tuesday with lawyers representing the 34,000 ANZ customers arguing against certain fees.The 34,000 ANZ customers arguing that certain fees charged by the bank amounted to an improper imposition of a penalty.
There is a way to go before any of those customers learn if they can get compensation from the bank since each stage of the class action is likely to run to appeal.
This week the court is considering if fees levied by the bank were, as the customers argue, penalties – and not, as the bank says, a service charge for applying its discretion about extending credit or honouring overdrawn accounts.
Lawyers for the ANZ customers told the court yesterday the bank appeared to have developed ”a nice little earner” in levying fees against overdrawn accounts.