Australia’s Biggest-Ever Class Action Begins – 38,000 Against Bank Fees and Penalties
2012 AUGUST 14
Stephen: Australia’s has THE most profitable banks in the world.
Today 38,000 customers of the ANZ Bank, representing a whopping 170,000 total customers, launched Australia’s biggest ever Class Action as they took the bank to the Australian High Court over the fees, charges and penalties – such a late payment fees, overdrawn accounts fees etc – it has been imposing customers. All of which the customers and their lawyers – who are being funded by Australian internet service provider iinet – say are illegal.
This is one to watch. The repercussions will spread around the world.
While there are several newspaper stories on this – one of which I have run at the very bottom, this radio report is the most comprehensive. The transcript is below. You’ll need to click on the link provided below to listen as unfortunately the link is not able to be embedded here on the site.