MELBOURNE:Leading law firm, Maurice Blackburn, will file class action against four big banks for charging exorbitant customer fees after the partial success in a court case against ANZ Bank.
Maurice Blackburn will bring the actions against Commonwealth Bank of Australia, Westpac, National Australia Bank and Citibank, head of class actions, Andrew Watson, told a media conference Friday.
The Federal Court, in a ruling this month, found late fees charged on credit cards could be characterised as a penalty and may be legally unenforceable.
Maurice Blackburn said proceedings against the other four banks would be issued in the Federal Court here on behalf of 150,000 customers for claims worth almost A$200 million.
"These class actions are about bringing fairness to tens of thousands of Australians, from mums and dads to small business owners who have all been hit with exorbitant fees from major banks," Watson said.
He said the cases alleged that fees imposed upon customers for overdrawn accounts, late payments, honour and dishonour charges did not reflect the actual cost to the bank.
The law firm's managing director of financial redress, James Middleweek, said Citibank was continuing to charge a monthly A$40 over-limit fee and a weekly A$10 late fee.
The actions are being funded by litigation funder, IMF (Australia) Ltd, on a "no win, no fee basis," the law firm added. - Bernama
Many central banks in the world are simply not doing enough to prevent banks from doing funny things to maximize their profit only. The banks forget that most of their funds for their lending business is indeed the deposit from the public. Their seed capital may measure. Up to roughly 10 to 15% of their total funds.
2011-12-17 09:37
Post a Comment
People who like this
Featured Posts
MQ Trader
Introducing MY's First IPO Fund for Sophisticated Investors!
MQ Chat
New Update. Discover investment communities that resonate with your ideas
MQ Trader
M & A Value Partners IPO Equity Fund has been launched - Targeted 13% Return p.a
Latest Videos
0:17
New IPO: The onshore and offshore support services provider for the O&G industry, Steel Hawk Bhd aims to list on the Ace Market!
MQ Trader 3131 views | 3 d ago
0:17
New IPO: The largest mini-market player and a leading groceries retailer in Malaysia, 99 Speed Mart Retail Holdings Bhd aims to list on the Main Market!
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
luckyman
Many central banks in the world are simply not doing enough to prevent banks from doing funny things to maximize their profit only. The banks forget that most of their funds for their lending business is indeed the deposit from the public. Their seed capital may measure. Up to roughly 10 to 15% of their total funds.
2011-12-17 09:37