Anz Credit Cards Class Action Dismissed by Australian High Court

The Australian High Court has made a significant decision regarding the ANZ credit cards class action. The court has dismissed the case.

This means that the lawsuit against ANZ, which alleged the bank had engaged in unfair and deceptive conduct with its credit card customers, will not proceed.

The decision was made after a lengthy legal battle, with the class action lawsuit initially filed in 2018.

ANZ has agreed to settle a class action relating to interest charged on debts within credit cards' 'interest free' period for $57.5 million. The class action was filed by Phi Finney McDonald on behalf of Daniel Tour and other customers.

The class action alleged that ANZ charged interest to credit card holders who paid off their credit card balance within an advertised 'interest free' period. ANZ said the settlement is not an admission of guilt.

The practice of charging retrospective interest was banned in January 2019, on the back of amendments to the National Consumer Credit Protection Act. The settlement remains subject to court approval.

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If you held an ANZ "interest-free" personal credit card within the period of 1 July 2010 to 31 December 2018 and were charged interest on purchases made on that credit card during that period, you may be eligible to receive financial compensation following Court approval of the settlement.

ANZ has been hit with a class action lawsuit over its "interest-free" credit card contracts. The action alleges that ANZ charged interest on purchases made during the interest-free period, which is against the law.

The lawsuit was filed in the Federal Court on behalf of Daniel Tour and other customers who were affected by ANZ's alleged misconduct from 1 July 2010 to 1 January 2019. The claim alleges that ANZ harmed customers by charging interest on purchases that had been repaid in a timely manner and retroactively charging them interest on what had previously been interest-free purchases.

The class action also claims that the manner in which ANZ charged interest made it impossible for the average credit cardholder to understand how interest would be calculated and how much would be charged.

The action is backed by Woodsford Litigation Funding and includes all ANZ interest-free credit cardholders who paid interest between 1 July 2010 and 1 January 2019. ANZ has acknowledged the proceedings and will review the claim.

Here are the key dates to keep in mind:

ANZ bank has won an appeal against a Federal Court decision that found late payment fees on credit cards were unlawful and consumers should be reimbursed.

The bank's appeal was successful, overturning the original decision made in February last year. This means that the bank will not have to reimburse its customers for the late payment fees.

A full bench of the Federal Court made the decision, upholding the original ruling that the late payment fees were reasonable. This ruling also applied to other fees, including honour and dishonour fees, and over-limit fees on credit cards.

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Maurice Blackburn, the law firm representing the 43,500 ANZ customers, is seeking leave to appeal to the High Court. They argue that the decision will have significant consequences for consumers in Australia.

The late fee component makes up about a quarter of the total $57 million in fees lawyers are trying to recoup for customers.

ANZ has agreed to settle a class action for $57.5 million.

The class action was filed in the Federal Court of Australia and alleged that ANZ charged interest to credit card holders who paid off their credit card balance within an advertised 'interest free' period.

The settlement is not an admission of guilt by ANZ, but rather a way to resolve the matter and provide compensation to impacted Australians.

The class action related to credit cards taken out between 2010 and 2018, and the settlement sum falls within provisions set aside by the bank as of September 2023.

ANZ has agreed to pay $57.5 million in settling the class action without admission of liability.

The settlement remains subject to court approval, which is expected to be heard on 19 December 2024.

The class action was brought by Phi Finney McDonald, and the law firm's principal lawyer Brett Spiegel believes the proposed settlement is an excellent outcome for group members.

The practice of charging retrospective interest was banned in January 2019, on the back of amendments to the National Consumer Credit Protection Act.

The ANZ credit card class action is a significant case that has been making headlines in Australia. The class action, led by Phi Finney McDonald, alleges that ANZ charged interest on credit card purchases that had been repaid in a timely manner, and also retroactively charged interest on what had previously been interest-free purchases.

The class action claims that ANZ's credit card contracts were unfair and contravened the Australian Securities and Investments Commission (ASIC) Act.

The class action is backed by Woodsford Litigation Funding and includes all ANZ interest-free credit cardholders who paid interest between 1 July 2010 and 1 January 2019.

ANZ has acknowledged the proceedings and stated that they will review the claim and provide any update as required.

A settlement has been proposed in the class action, with ANZ agreeing to pay $57.5 million to affected customers. However, the settlement is still subject to court approval.

If you held an ANZ "interest-free" personal credit card within the period of 1 July 2010 to 31 December 2018 and were charged interest on purchases made on that credit card during that period, you may be eligible to receive financial compensation following Court approval of the settlement.

Here are some key dates related to the class action: