Customers lose to Australian bank in class action appeal over late fees

Source: Mashable – Customers lose to Australian bank in class action appeal over late fees

Australia’s ANZ Banking Group Ltd. has won an appeal against a court decision that late payment fees charged on credit cards were exorbitant and unlawful. The Federal Court on Wednesday unanimously overturned a decision by Justice Michelle Gordon in February last year that ANZ had been illegally imposing penalties for late payments on credit cards. See also: Apple, Google and Microsoft grilled over Australian tax avoidance Gordon’s ruling meant one of Australia’s largest banks was liable for a multimillion dollar payout to thousands of customers. A lawyer representing customers in the class action law suit, Andrew Watson, said Wednesday’s decision will be appealed in the High Court. Read more…More about Australia, Us World, and Anz

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