The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Banking

Australian banks face record A$5bln class action

Customers claim fees excessive; NBA up against CDO claims

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

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.

Financial Redress reckons it stands on solid ground. Last year, the Reserve Bank of Australia issued data that showed that banks earned about A$1.2

Take out a complimentary trial

Take out a 7 day trial to gain unlimited access to Euromoney.com and Asiamoney.com analysis and receive expertly-curated updates direct to your inbox.

 

Already a user?

Login now

 

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree