Australian court rules ANZ Bank late fees too high
Headline News
One of Australia's largest banks faces a multimillion dollar payout to thousands of customers after a judge ruled on Wednesday that late payment fees it charged on credit cards were exorbitant.
ANZ Banking Group Ltd. partially lost a class action law suit in the Australian Federal Court brought by more than 43,000 customers who claimed they had been charged excessive fees for years. In some cases the fees were 70 times the cost to the bank of administering late payments.
Justice Michelle Gordon ruled that the bank had been illegally imposing penalties for late payments on credit cards.
She agreed with lead plaintiff Lucio Paciocco's argument that the fees were "extravagant, exorbitant and unconscionable," and represented a breach of contract.
But she also ruled in ANZ's favor by dismissing claims that other types of bank fees were illegal penalties.
It was not clear how much the bank would have to pay back customers who had been charged too much over six years. Lawyers for the bank and customers have until next week to agree on a proposal for repaying customers that the court can rule on.
Related listings
-
Not guilty plea in Oakland attack on 'agender' boy
Headline News 02/03/2014A 16-year-old San Francisco Bay Area boy has pleaded not guilty to charges that he set a male teen's skirt on fire on a public bus. Richard Thomas is facing aggravated mayhem and assault charges with hate crime allegations in connection with the Nov....
-
Teen charged in Mass. teacher killing due in court
Headline News 01/30/2014A 15-year-old Massachusetts boy charged with killing his math teacher is returning to court Thursday for arraignment on a second rape charge. Philip Chism is charged in the October killing of Colleen Ritzer, a 24-year-old teacher at Danvers High Scho...
-
Court: Lawyers will be disbarred over child porn
Headline News 01/24/2014Lawyers convicted of child pornography charges will automatically be disbarred and prohibited from practicing law in California, the state Supreme Court ruled Thursday. Deciding the fate of an Orange County lawyer whose license was suspended after he...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.