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Home News Australia’s ANZ Group to settle credit cards class action for $37.4 million

Australia’s ANZ Group to settle credit cards class action for $37.4 million

by Uma Rajagopal
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Australia’s ANZ Group to settle credit cards class action for $37.4 million

(Reuters) – Australia’s ANZ Group said on Monday it had agreed to settle a class action suit related to interest charged on personal credit cards for A$57.5 million ($37.44 million).

The settlement is without admission of liability and remains subject to court approval, ANZ said in a statement.

The class action was brought against the lender by law firm Phi Finney McDonald in 2021.

The lawsuit alleged “unfair contract terms and unconscionable conduct” by the bank in charging interest between July 2010 and January 2019 on credit card purchases that should have been interest free.

($1 = 1.5356 Australian dollars)

 

(Reporting by Himanshi Akhand in Bengaluru; Editing by Sandra Maler and Marguerita Choy)

 

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Uma Rajagopal has been managing the posting of content for multiple platforms since 2021, including Global Banking & Finance Review, Asset Digest, Biz Dispatch, Blockchain Tribune, Business Express, Brands Journal, Companies Digest, Economy Standard, Entrepreneur Tribune, Finance Digest, Fintech Herald, Global Islamic Finance Magazine, International Releases, Online World News, Luxury Adviser, Palmbay Herald, Startup Observer, Technology Dispatch, Trading Herald, and Wealth Tribune. Her role ensures that content is published accurately and efficiently across these diverse publications.