LAW firm Maurice Blackburn will file class actions against the other big banks for charging exorbitant customer fees after the partial success in a court case against ANZ.
Maurice Blackburn will bring the actions against Commonwealth Bank of Australia, Westpac, National Australia Bank and Citibank, head of class actions Andrew Watson said in a media conference today.
The Federal Court, in a ruling earlier this month, found that late fees charged on credit cards could be characterised as a penalty and may be legally unenforceable.
Maurice Blackburn said the proceeding against the other four banks would be issued in the Federal Court in Melbourne on behalf of 150,000 customers, for claims worth almost $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 the major banks,” Mr Watson said.
The cases would allege that fees imposed upon customers for overdrawn accounts, late payments, honour and dishonour charges do not reflect the actual cost to the bank, Mr Watson said.
The law firm’s managing director of financial redress James Middleweek said Citibank was continuing to charge a monthly $40 overlimit fee and a weekly $10 late fee.
The actions were being funded by litigation funder IMF (Australia) Ltd on a no win no fee basis, Maurice Blackburn said.
Sourced from: http://www.news.com.au/business/maurice-blackburn-to-sue-commonwealth-bank-nab-westpac-and-citibank/story-e6frfm1i-1226223852062#ixzz1gfSYBXMw. Photo courtesy of the Courier Mail.