Powered by MOMENTUM MEDIA
subscribe to our newsletter

Banks face class action over fees

Maurice Blackburn Lawyers this week filed a class action against Westpac, Citibank, St George, Bank of South Australia and ANZ in relation to customers charged with late bank fees.

The compensation law firm said in a communication that if the class action is successful, any customer of those institutions that has ever been charged late payment fees will have a “right to access some compensation for those unfair charges”.

Maurice Blackburn head of class action practice Andrew Watson said this follows the firm’s success earlier this year against ANZ on late fees, which has “opened the door for millions of customers to recoup what is rightfully theirs”.

“Our case is based on the earlier Federal Court ruling against ANZ,” said Mr Watson.

“Whilst that judgment is under appeal we think we have a very strong case and that this course of action provides the best safeguard for the rights of all those consumers affected by late fees.”

Advertisement
Advertisement

Mr Watson said the firm has plans to extend the action to CBA, NAB, BankWest and American Express as well.

“What we’re doing today opens the gates of justice to millions more Australians and means that previous estimates of the numbers of people affected and the compensation amounts owed will be dwarfed by the new state of play,” he said.

“This action is a great example of the importance of having a robust and mature class actions regime in place, so that individuals have a genuine opportunity to remedy wrongs that happen on a large scale.”

Maurice Blackburn said the class action is being funded by litigation funder Bentham IMF.

Bentham IMF investment manager and head of client group James Middleweek said the “open class proceedings will enable all bank customers who have suffered exorbitant late fees to benefit from a successful outcome to the bank fees litigation”.

PROMOTED CONTENT


Banks face class action over fees
mortgagebusiness

Latest News

Reverse mortgage lenders have accessed a small fraction of the potential retiree housing market in Australia, according to Deloitte. ...

Pepper Money has priced its second I-Prime deal for the year, upsizing the figure to $850 million. ...

The LMI provider has announced a new CFO following the resignation of its current CFO, effective 24 September. ...

Join Australia's most informed brokers

Do you know which lenders are providing brokers and their customers with the best service?

Use this monthly data to make informed decisions about which lenders to use. Simply contribute to the survey and we'll send you the results directly to your inbox - completely free!

How long do you think it should take to discharge a mortgage?

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.