ANZ Seeks Reversal of Aussie Federal Court Decision on Credit Card Late-Payment Fees
By Vittorio Hernandez | March 7, 2014 9:36 AM EST
The Australia and New Zealand (ANZ) Banking Group said on Thursday that it would appeal the landmark Federal Court decision in February that declared late-payment fees on credit cards collected by the bank were illegal.
The decision by Justice Michelle Gordon actually found legitimate the collection by ANZ of four other types of fees. The ruling has potential impact on similar late fees charges by telecommunication providers and utilities that could reach billions of dollars.
In turn, Maurice Blackburn, which led the class action suit against ANZ, would also appeal the court ruling that honour fees, dishonor fee and over-limit fees were legal.
The late-payment fees, which could reach up to $35, were described by the court as extravagant and unconscionable since the cost to ANZ of handling the late payments were only between $0.50 and $5.50. However, ANZ insisted that the cost could actually reach thousands of dollars since it could be a precursor to a bad debt.
Of the 2.5 million card customers of ANZ, 42,500 joined the class action suit.
To contact the editor, e-mail:
Most Popular Slideshows
- 2014 MLB World Series Game 1: San Francisco Giants 7, Kansas City Royals 1 [PHOTOS]
- 2014 MLB World Series - Game 2: Kansas City Royals 7, San Francisco Giants 2 [PHOTOS]
- NFL Thursday Recap - Denver Broncos 35, San Diego Chargers 21: Peyton Manning Has 3 TDs In Easy Win [PHOTOS]
- 2014 MLB World Series Game 3: Kansas City Royals 3, San Francisco Giants 2 [PHOTOS]
Join the Conversation
- Tesco Facing Crisis After Chairman Quits Citing Accounting Scandal In The Retail Giant
- #Snapgate: iPad Air 2 Breaks While Undergoing Bend Test
- Australian Federal Court Fines Reebok $350,000 & Orders Refunds For Shoe Endorsed By Miranda Kerr That Claims Unproven Health Benefits
- Perth Call Centre Staff Bad In English And Not Philippine And Indian Counterparts, Telstra Boss Says
- Xiaomi Redmi 1S vs. Sharp Aquos Crystal – Specifications, Features And Price Showdown
- Verizon Motorola Droid Turbo Leaked Live Images Surfaces, Scheduled To Get Unveiled On Oct 28
- Update HTC One M7 with LG G2 with Android 4.4.2 as Sprint OTA: Fixes and Installation
- U.S. Targets Buyers of ISIS Oil, Threatens Sanctions
- ISIS Syria Airstrike Bombing Has Killed 550 People, Civilians Included
- Russia Blocking OSCE Monitoring Of Its Border With Ukraine
- Russia Slams US 'Double Standards' In The Fight Against ISIS