SYDNEY Feb 5 Australia and New Zealand Banking
Group was wrong to charge its customers additional fees
for late loan payments, the Federal Court ruled on Wednesday in
one of Australia's largest-ever class action suits.
ANZ, Australia's third-largest bank, was however allowed to
charge additional honour, dishonour, non-payment and overlimit
fees because they qualified as a penalty under common law, the
Around 38,000 bank customers had claimed A$57 million
($50.70 million) from ANZ for what they said were excessive and
The partial victory for class action law firm Maurice
Blackburn suggests it will press ahead with seven other similar
cases it plans against Australian banks, seeking a further A$186
million ($165.5 million) for what they allege were exorbitant
fees over a six-year period to 2010.
($1 = 1.1242 Australian dollars)
(Reporting by Byron Kaye)