Arab Today, arab today australian court hears lawsuit over bank fees
Last Updated : GMT 05:49:56
Arab Today, arab today
Arab Today, arab today

Australian court hears lawsuit over bank fees

Arab Today, arab today

Arab Today, arab today Australian court hears lawsuit over bank fees

Sydney - AFP

An Australian court began hearing what is said to be the country\'s largest class action case on Tuesday with tens of thousands of consumers fighting back against US$231 million in bank fees. The lawsuit against the Australia and New Zealand Banking Group (ANZ) is part of a larger class action against eight major lenders, with 170,000 consumers alleging that their penalty charges are excessive and illegal. Lead lawyer Andrew Watson said the case, which could have huge ramifications for consumers, would claim that fees for services like account overdrawals were \"out of all proportion\" to what it costs to provide them. \"The banks have been charging excessive fees for many years now and this case will be a real test in the High Court of the extent of the doctrine of penalties,\" Watson told ABC television. \"We\'re arguing for an expanded doctrine, one which looks at the reality of these transactions.\" Watson said a win would have \"incredible implications\" for the 170,000 customers who had joined what is said to be Australia\'s largest class action, asking that the banks repay Aus$220 million in \"extravagant\" penalty fees. \"More broadly it will have an impact on banking customers right across Australia, and for consumers in relation to all sorts of transactions,\" he said. According to documents filed with the High Court on behalf of 38,000 ANZ customers, the case hinges on a \"variety of fees for overdrafts, overdrawn accounts, dishonour fees and overlimit credit card accounts\". The lower-level Federal Court ruled in December that only four classes of fees falling under ANZ\'s late payment schedule relating to credit cards merited being characterised as a \"penalty\" that could be contested in court. ANZ was cleared over four other classes covering over-drawing from accounts and having insufficient funds to make scheduled payments, in the case first launched in 2010. Maurice Blackburn, the legal firm representing the customers, has appealed to the High Court seeking a broader finding of what constitutes a penalty in the hopes of expanding the case against the banks. ANZ had welcomed the earlier ruling, which was largely in its favour, and said it would vigorously defend itself.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australian court hears lawsuit over bank fees Arab Today, arab today australian court hears lawsuit over bank fees

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today australian court hears lawsuit over bank fees Arab Today, arab today australian court hears lawsuit over bank fees

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: مصارف
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday