Delay denied in class action suit
(21 April 2011 – Australia) The federal judge presiding over the class action law suit against ANZ deemed the banks request to delay legal proceedings by 15 months as "an abuse of process".
ANZ has launched an internal investigation into costs and has also requested the time to prepare its defence in the A$50 million class action lawsuit.
"I do not accept that a Court should wait and conduct a trial of all issues in two or three years’ time," Justice Michelle Gordon said in a Melbourne court.
"It is simply an inappropriate way in which to conduct this piece of litigation. It is an abuse of process because the allegations are made…without any foundation," she said.
An ANZ spokesperson said the trail was still in the procedural stages and said there remain complex issues to be tested in court and that the bank would continue to "vigorously defend IMF’s claims".
Maurice Blackburn initiated the lawsuit which is seen as a test case for the much wider class action suit against 11 of Australia’s largest lenders, including the big four banks.
The hearing will continue on 5 May, and Maurice Blackburn principal Andrew Watson said they were pleased the Court had rejected ANZ’s attempt to delay in the case, and that the class action on behalf of ANZ customers can now proceed in an efficient and cost effective manner.
"I do not accept that a Court should wait and conduct a trial of all issues in two or three years’ time," Justice Michelle Gordon said in a Melbourne court.
"It is simply an inappropriate way in which to conduct this piece of litigation. It is an abuse of process because the allegations are made…without any foundation," she said.
An ANZ spokesperson said the trail was still in the procedural stages and said there remain complex issues to be tested in court and that the bank would continue to "vigorously defend IMF’s claims".
Maurice Blackburn initiated the lawsuit which is seen as a test case for the much wider class action suit against 11 of Australia’s largest lenders, including the big four banks.
The hearing will continue on 5 May, and Maurice Blackburn principal Andrew Watson said they were pleased the Court had rejected ANZ’s attempt to delay in the case, and that the class action on behalf of ANZ customers can now proceed in an efficient and cost effective manner.
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