OUT OF MIND
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» 36 Million Families to Stop Receiving Monthly Child Tax Credit Payments in January
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 6:11 pm by bigdog2aton

» Mysterious town in Japan is obsessed with UFOs and aliens
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 1:31 pm by PurpleSkyz

» Martin Luther King, Jr. I Have A Dream Speech
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 12:20 pm by PurpleSkyz

» Myocarditis Tops List of COVID Vaccine Injuries Among 12- to 17-Year-Olds, VAERS Data Show
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 12:14 pm by PurpleSkyz

» Non-Jabbed Father Stripped of Visiting Rights by Judge
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 12:11 pm by PurpleSkyz

» Dangerous M6.6 earthquake hits off Java, Indonesia
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 12:08 pm by PurpleSkyz

» Life insurer refuses to cover vaccine death
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 12:01 pm by PurpleSkyz

» Dr. Sam White Interview – Doctors Are Being Suppressed, Censored & Attacked For Telling The Truth
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 11:32 am by PurpleSkyz

» American Students Organize Classroom “Walk Outs” To Demand Return To Remote Learning
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 11:27 am by PurpleSkyz

» 15-Year-Old Soccer Player from Brazil Dies from Cardiac Arrest Following National Football Cup Tournament Game
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 12:34 am by PurpleSkyz

» Route 91: Uncovering the Cover-Up of the Vegas Mass Shooting
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 12:21 am by PurpleSkyz

» COVID-19 Vaccines: Scientific Proof of Lethality
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 12:17 am by PurpleSkyz

» Open Letter to Steve Kirsch
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptyYesterday at 12:14 am by PurpleSkyz

» New Normal: Former Malaysian Professional Football Player Dies of Heart Attack 5 Days After Receiving COVID-19 Booster Shot
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptySun Jan 16, 2022 4:10 pm by PurpleSkyz

» Hundreds of Thousands Protest ‘New World Order’ in France as COVID Narrative Crumbles
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptySun Jan 16, 2022 12:58 pm by PurpleSkyz

» The Full Extent of Jeffrey Epstein’s Crimes Are Slowly Being Revealed
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptySun Jan 16, 2022 12:50 pm by PurpleSkyz

» Japan Drops All Vaccine Mandates, Places Myocarditis Warning on Label
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptySun Jan 16, 2022 12:42 pm by PurpleSkyz

» Why Are Concrete Walls Being Constructed Around The White House?
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptySun Jan 16, 2022 12:36 pm by PurpleSkyz

» Q&A With Scientist Who Discovered Cannabis Can Prevent COVID-19
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptySun Jan 16, 2022 9:52 am by PurpleSkyz

» Tragic: 38yo Athlete Dies after Suffering Heart Attack During Swim Portion at Ironman 70.3 Pucon
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptySun Jan 16, 2022 9:48 am by PurpleSkyz

» Smoking Gun: Moderna Patented ‘Man Made’ SARS-CoV2 Gene Sequence in 2018
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptySun Jan 16, 2022 9:41 am by PurpleSkyz

» NASA Probe Gets Closest Look At Sun’s Atmosphere Than Ever Before And Makes Immediate Discoveries
38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 EmptySun Jan 16, 2022 9:34 am by PurpleSkyz








38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6 4ccd9cb4-22af-4abe-a6c4-4d57fbce210b_zps8t6pdo1h

You are not connected. Please login or register

OUT OF MIND » THE INSANITY OF REALITY » GLOBAL FINANCIAL COLLAPSE » 38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6

38,000 Australian Bank Customers Win Largest Class Action Over Fees 2012 SEPTEMBER 6

Go down  Message [Page 1 of 1]

PurpleSkyz

PurpleSkyz
Admin

38,000 Australian Bank Customers Win Largest Class Action Over Fees
2012 SEPTEMBER 6
tags: Australia, Bank Fees, Largest Class Action
Posted by Stephen Cook
38,000 Australian Bank Customers Win Largest Class Action Over Fees
By Nicola Berkovic, The Australian – September 6, 2012

http://tinyurl.com/99f799v

BANK customers involved in the nation’s largest class action, against ANZ Bank, have claimed a victory in the High Court, which today declared the bank’s over-limit fees could be characterised as a penalty or punishment.

This means the bank’s $29.95 over-limit fee – charged on top of 4 per cent interest on the amount overdrawn by the customer – could be illegal.

ANZ now faces an uphill battle to convince the Federal Court the fee is a genuine estimate of its costs and not a penalty.

Justin Gleeson SC, representing 38,000 ANZ customers, had argued that fees charged by banks when customers exceeded their limits did not provide any service and were in fact a punishment.

He argued the bank already recovered its costs by charging the customer 4 per cent interest on the amount overdrawn, and that the $29.95 fee was “unjust enrichment of the bank”.

The case is part of a wider class action funded by litigation funder IMF on behalf of 170,000 customers from ANZ, Commonwealth, National Australia Bank, Westpac, St George, Citibank, Bankwest and Bank SA who are claiming more than $223 million in excessive fees. The claims against ANZ began in September 2010 in the Federal Court.

In December last year, the Federal Court found that late payment fees were capable of being penalties because they were charged as a result of a breach of contract. But the court said other fees, such as dishonour fees – where banks charge a fee for overdrawn accounts as well as interest on the amount overdrawn – were not a penalty but a service.

This morning, the High Court unanimously rejected the notion that only fees payable for a breach of contract were capable of being classed as a penalty or punishment.

It said even though dishonour or over-limit fees were not payable on a breach of contract, they could still be characterised as a penalty.

The High Court took just three weeks to reach its decision. The hearing was the last for influential High Court judge Bill Gummow, who retires next month when he turns 70.

It will now be up to the Federal Court to determine, on the facts, whether the fees were in fact penalties or represented a genuine reflection of the bank’s costs.

James Middleweek, the managing director of IMF subsidiary, Financial Redress, which is handling the case said the decision was a “tremendous victory”.

“It’s great news for (the) 170,000 bank customers (involved in the class action) and we’d urge everyone to join up,” he said.

“For the many banks that are still charging these excessive fees, the High Court has given a very sharp warning that these could be illegal.”

Mr Middleweek said anyone could still join the class action via the Financial Redress website.

He said industry estimates suggested the banks had charged a total of about $5 billion in unfair fees over the six years covered by the claim.

Thanks to: http://the2012scenario.com



  

Back to top  Message [Page 1 of 1]

Permissions in this forum:
You cannot reply to topics in this forum