Bank Fees Class Actions

In 2009 IMF funded claims of around 150,000 bank customers to recover unfair exception fees deducted from their bank and credit card accounts over a period of six years.

Current Stage of Case

Having been successful in respect of ANZ’s late fees only in the Federal Court, this decision was overturned in the Court of Appeal. The matter went before the High Court in February 2016. On 27 July 2016, by a majority of four judges to one, the High Court dismissed Mr Paciocco’s appeal. Unfortunately, this means that we were not successful in claiming late payment fees from the ANZ. However, there was one part of the case which is continuing in relation to the charging, by ANZ, of certain periodical payment non-payment fees. That part of the case was not affected by the High Court’s decision and is ongoing,

In the meantime, in 2016 the NAB Bank Fees claims were settled.

Each of the other related Bank Fee cases were discontinued.

Proceedings

Court
Federal Court (VIC)
Plaintiff/Applicant
For the ANZ proceedings, the plaintiff is Luico Paciocco as representative for the Group
Defendant/Respondent
For the ANZ proceedings, the defendant is Australia and New Zealand Banking Group Limited. Proceedings were also issued against other banks

Investment Manager

Hugh McLernon

Contact Details

IMF Client Liaison Team
1800 016 464
[email protected]