Australian banks face record A$5bln class action

	Commonwealth Bank: Australia’s biggest bank is playing catch-up

Ten of Australia’s biggest banks, led by the Big Four – National Australia Bank, Westpac, Commonwealth Bank of Australia and ANZ – are confronted with the prospect of the biggest class action in Australian legal history. Perth firm Financial Redress, a subsidiary of the Sydney-listed legal services company IMF Australia, which specializes in funding large-scale legal actions, has emerged as the backer of a A$5 billion ($4.2 billion) attack on the Australian banking industry, claiming recidivist overcharging of customers for penalty fees on their overdrafts and credit card debt.