Australian lending giant ANZ wins appeal against class action suit
April 8 , 2015
The Australia and New Zealand (ANZ) Banking Group has won an appeal against a class action suit over its late payment fees.
The suit started in 2010, and eventually more than 43,000 customers claimed that the firm had charged “exorbitant” fees.
The country’s federal court earlier ruled partially in favor of the customers, but that ruling has been overturned in what is being described as a landmark judgment.
ANZ Australia’s Chief Executive Mark Whelan said the company’s position that the “fees were lawful” had been vindicated.