ANZ wins appeal in landmark credit card fees case
Australian bank ANZ has won an appeal against a court ruling that some of its fees for late payments had been unfair and that customers should be reimbursed.
Australia's federal court had ruled in February 2014 that the lending giant had charged some customers extravagant, exorbitant and unconscionable fees, while others were charged reasonable fees.
Around 43,500 customers had claimed ANZ (Australia and New Zealand Banking Group) charged exorbitant fees for late payments.
The 2014 ruling would have made ANZ liable for a massive financial pay out but Australia's federal court unanimously overturned the decision.
"Our long-standing position has been these fees were lawful and we're pleased this has been vindicated by the Full Federal Court," said ANZ chief executive for Australia Mark Whelan.
"We were particularly pleased the court found there was no dishonesty on ANZ's part and these avoidable fees were fairly and fully disclosed and there was no lack of good faith by ANZ."
The legal firm acting on behalf of the customers, Maurice Blackburn, said it would take steps to take the case to the high court.
"It is perhaps appropriate that Australia's largest consumer class action will ultimately be decided by Australia's highest court, and as a result of today's decision, that's where we're headed," said Maurice Blackburn's national head of class actions Andrew Watson.
ANZ was the first of a number of major lenders to go to court in the class action suit that began in 2010. Maurice Blackburn has also launched proceedings against a number of lenders including Citibank, Commonwealth Bank and National Australia Bank.
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