ANZ Bank Fees Class Action
In September 2010 the Andrews Proceeding was filed in the Victorian Registry of the Federal Court of Australia. The Paciocco Proceeding was filed in March 2013, also in the Victorian Registry of the Federal Court of Australia. Both proceedings were subsequently consolidated to form, in effect, a single proceeding. Although many of the claims that were originally pursued in the ANZ Bank Fees Class Action were ultimately unsuccessful, the Applicants allege that:
- in respect of PPN Fees that were charged by ANZ to customers during the period 1 January 2008 to 23 February 2016 (inclusive), and were refunded to customers as part of the Remediation Program, the additional amount that was paid to customers by way of interest compensation was inadequate; and
- in respect of all other PPN Fees that were charged by ANZ to customers during the period 1 August 2003 to 23 February 2016 (inclusive) and were not refunded to customers as part of the Remediation Program, those fees should be refunded to customers (together with an additional amount of interest compensation).
ANZ has denied the claims made against it, and is continuing to defend the ANZ Bank Fees Class Action.
Following a mediation between the parties which was held on 20 August 2018, the parties to the ANZ Bank Fees Class Action signed a Deed of Settlement and Release (Deed). The purpose of the Deed is to settle all of the remaining issues in the ANZ Bank Fees Class Action. The terms of the Deed are confidential. The proposed settlement is subject to the approval of the Federal Court. The Court will hear the application for approval of the settlement at 10.15 am on 6 December 2019 at the Federal Court in Melbourne.
Participating in the case
Registrations to participate in the proposed settlement of the ANZ Bank Fees Class Action closed at 4pm (AEST) on 30 August 2019.
If you would like further information about the ANZ Bank Fees Class Action please contact IMF Bentham on email at [email protected], or by telephone to 1300 32 48 96.
- Further Amended Originating Application dated 22 March 2017
- Second Further Amended Statement of Claim dated 28 March 2018
- Respondent’s Defence to the Second Further Amended Statement of Claim dated 20 April 2018
- Applicants’ Reply to the Respondent’s Defence dated 25 May 2017
- Respondent’s Rejoinder to the Applicants’ Reply dated 20 September 2017
- Orders made by the Court on 15 March 2019, 11 April 2019, 22 May 2019 and 23 July 2019