Consumers in Australia are not just grumbling about the fees they pay their banks — they have banded together to take legal action to demand their money back. In what has become Australia’s largest class action lawsuit, a class of consumers is suing eight banks and demanding refunds for bank fees that the customers argue were excessive and unfair penalties.
ANZ Bank is the first of eight banks to go to trial in this class action. The total refund amount sought from all eight banks is approximately 240 million Australian dollars ($220 million). The success of the consumers against ANZ will greatly affect the outcome of the litigation in Australia. The issues raised in this litigation could have far-reaching effects, and banks and lenders in the United States may want to examine their own expenses and customer fee agreements. By the same token, so, too, might bank customers.
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