| By consumer affairs reporter Amy Bainbridge The ANZ bank may be liable to pay its customers "tens of millions of dollars", according to the law firm that led a successful class action against the bank over its fees. The Federal Court today handed a partial victory to ANZ customers who joined in a class action to recoup $57 million in fees. The court ruled that the late payment fees the bank charged customers were extravagant, exorbitant and unconscionable. But Justice Michele Gordon said that other fees the bank charged, including honour and dishonour fees, and over-limit fees on credit cards, were reasonable. Andrew Watson, from Maurice Blackburn, says while establishing the amount owed to affected customers would take weeks, he expected to stretch into the "tens of millions of dollars". He said the ruling also opened the way for customers of other banks to claim unfair treatment on fees. More » |
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