ANZ Hit With Class Action Over Penalty Fees

Law360, New York (September 22, 2010, 6:49 PM EDT) -- Australia and New Zealand Banking Group Ltd. is the first target of a series of planned class actions alleging a dozen banks in Australia and elsewhere have charged consumers a total of AU$5 billion ($4.8 billion) in unfair penalty fees.

Angelo “Julian” Saliba, John Andrews and a third unnamed lead applicant filed a complaint in the Victorian Registry of the Federal Court in Australia on behalf of over 27,000 individuals and businesses that hold accounts with ANZ, law firm Maurice Blackburn said Wednesday.

The firm, which...
To view the full article, register now.