ANZ Bank Fees Class Action

Registrations close 4pm (AEST) on 19 July 2019.



The Proceedings

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:

  1. 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
  2. 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.

Proposed Settlement

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.

Are you a Group Member?

The ANZ Bank Fees Class Action is ‘open’, which means that it includes, as Group Members, all persons who were charged PPN Fees by ANZ during the period 1 August 2003 to 23 February 2016 (inclusive). You are a Group Member if you meet the following criteria:

  1. at some time between 1 August 2003 and 23 February 2016 (inclusive) you were a customer of ANZ, and held and operated banking facilities with ANZ; and
  2. during that same period, you were charged one or more PPN Fees by ANZ.

If you do not meet the above criteria, you may disregard this notice.

If you are a group member it is important that you read the Court approved Notice that relates to you:

  1. Registration, Opt Out and Settlement Approval Notice - Click here if you HAVE NOT previously registered and signed a Funding Agreement with Financial Redress Pty Ltd / IMF Bentham Ltd for the ANZ Bank Fees Class Action.

    Or

  2. Settlement Approval Notice - Click here if you HAVE previously registered and signed a Funding Agreement with Financial Redress Pty Ltd / IMF Bentham Ltd for the ANZ Bank Fees Class Action.

If you want to register to receive compensation

If you have NOT already registered and signed a Funding Agreement with Financial Redress Pty Ltd / IMF Bentham Ltd for the ANZ Bank Fees Class Action, Group Members who wish to receive a distribution from the proposed settlement of the ANZ Bank Fees Class Action (details of which are set out in the Registration, Opt Out and Settlement Approval Notice) must register online or by completing and returning the registration form attached to the Notice by 4pm on 19 July 2019.

Are you already a Registered Group Member?

If you have already registered and signed a Funding Agreement with Financial Redress Pty Ltd / IMF Bentham Ltd for the ANZ Bank Fees Class Action you do not need to (and should not) register again.

Other Documents:

  1. Further Amended Originating Application dated 22 March 2017
  2. Second Further Amended Statement of Claim dated 28 March 2018
  3. Respondent’s Defence to the Second Further Amended Statement of Claim dated 20 April 2018
  4. Applicants’ Reply to the Respondent’s Defence dated 25 May 2017
  5. Respondent’s Rejoinder to the Applicants’ Reply dated 20 September 2017
  6. Orders made by the Court on 15 March 2019, 11 April 2019 and 22 May 2019

Frequently Asked Questions

(Click questions to expand)

The ANZ Bank Fees Class Action is ‘open’, which means that it includes, as Group Members, all persons who were charged PPN Fees by ANZ during the period 1 August 2003 to 23 February 2016 (inclusive). Prior to 15 March 2019 the ANZ Bank Fees Class Action was ‘closed’, only being brought on behalf of those Group Members who had registered and signed a funding agreement with IMF.

You are a Group Member if you meet the following criteria:

  1. at some time between 1 August 2003 and 23 February 2016 (inclusive) you were a customer of ANZ, and held and operated banking facilities with ANZ; and
  2. during that same period, you were charged one or more PPN Fees by ANZ.

If you do not meet the above criteria, you do not need to do anything and may disregard this notice.

If you have NOT already registered and signed a Funding Agreement with Financial Redress Pty Ltd / IMF Bentham Ltd for the ANZ Bank Fees Class Action, Group Members who wish to receive a distribution from the proposed settlement of the ANZ Bank Fees Class Action (details of which are set out in the  Registration, Opt Out and Settlement Approval Notice) must register online or by completing and returning the registration form attached to the Notice.
No, as you have previously registered and signed a funding agreement with IMF to participate in the ANZ Bank Fees Class Action, you do not need to (and should not) register again. Once you have read through the Settlement Approval Notice  there is nothing further you need to do at this time (unless you wish to object to the proposed settlement, in which case you need to follow the steps outlined in the Notice). 

If you are unsure if you have registered, you can check by logging into the myIMF portal, or contact IMF on [email protected] providing your contact details. 
 
Periodical Payment Non-Payment Fees are charged when a scheduled ‘Periodical Payment’ which the customer had authorised to be made from their ANZ account could not be made (usually because of insufficient available funds in the customers’ account to make the payment). In the notice, PPN Fees refer to fees that were charged by ANZ to its customers where the periodical payment was to be made to the customer’s own account (e.g. from the customer’s transaction or savings account to another account in the name of the same customer, such as a loan account). 
It is proposed, subject to the approval of the Court, that the final distribution amount will be divided equally between eligible Group Members. It is not yet known how much each Group Member will receive by way of a distribution, but the amount is likely to be less than (and may be substantially less than) $100 each. The precise amount depends on several factors. 
If you believe you may have been charged a PPN Fee during the relevant period (and have previously signed a Funding Agreement with Financial Redress Pty Ltd / IMF Bentham Ltd) you do not need to do anything at this time as ANZ are already working to identify if you incurred a PPN Fee during the relevant period.

If you believe you may have been charged a PPN during the relevant period (and have not previously signed a Funding Agreement with Financial Redress Pty Ltd / IMF Bentham Ltd) please register by completing the Group Member Registration Form to enable ANZ to verify if you were charged a PPN Fee during the relevant period. 
This class action relates to Group Members who were charged PPN Fees during the relevant period only and therefore, other bank related fees are not relevant to this class action. Although claims were previously pursued in the class action relating to other types of fees (including late payment fees, overlimit fees and honour and dishonour fees), those claims were ultimately unsuccessful, and were dismissed by the Court.
All accounts under the registered Account Holder will be reviewed for eligibility.
Each account holder name should register. If the account holder name has more than one account, you do not need to register for each account. However, where the account holder is a different name or entity please register for each account holder, such as an individual account holder and a business account holder. Joint accounts will be included under your individual account holder name and do not need to be registered separately.
No - The ANZ Bank Fees Class Action has been funded by IMF, which means that IMF has paid the legal costs of prosecuting the class action and has also indemnified the Applicants against adverse costs orders made against them.
You should read the Notice relevant to you carefully. If you have any questions, contact IMF as follows:
Email:
[email protected]
Tel:
1300 32 48 96
Post:
IMF Bentham Ltd
PO Box 5106
Perth WA 6831