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-ANZ Bank in federal class action law suit.

Global Banking News-October 4, 2011--ANZ Bank in federal class action law suit(C)2011 ENPublishing -

Global Banking News - 04 October 2011

A class action lawsuit against Australia's Australia & New Zealand Banking Group Limited (NYSE: ANZ) (ANZ.AX) (OTC: ANZBY) has been filed in the Federal Court with a two-week hearing set for Melbourne, according to an online report.

In the file suit representing around 34,000 ANZ customers, Maurice Blackburn is seeking a ruling on the rights of ANZ customers to protect themselves against exorbitant fees and charges. Maurice Blackburn's class action principal, Andrew Watson, said that the hearing would mark the first major step in the case since proceedings were issued on September 22, 2011.

'This hearing will answer important questions regarding the definitions within the contracts between ANZ and its customers of what is a fee or a charge,' said Watson, adding: 'We know that customers who were late paying a credit card or overdrawing their account were charged USD30 or more. We believe that it did not cost ANZ anywhere near that amount in terms of managing an overdrawn or late payment on an account.'

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Publication:Global Banking News (GBN)
Date:Oct 4, 2011
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