News this morning that the Australian Competition and Consumer Commission blocked litigation funder IMF (Australia)
(ASX:IMF) from launching class action against some of the major banks in an effort to recoup over $5 billion in penalty and late fees.
According to a Fairfax report, the ACCC rejected a request from IMF for an exemption needed to be able to proceed with its action against the banks back in March.
The report says that earlier the watchdog had also refused to order banks to hand over product disclosure statements essential for the case that related to credit cards and saving accounts even though claims were being made that the Corporations Act may have been breached.
However, according to Fairfax, ASIC has defended the ACCC’s decision saying that it considers all allegations of unlawful conduct very carefully.
Earlier this week IMF launched a class action against a number of banks including the majors like NAB, and the Commonwealth Bank, over claims they overcharged customers.
IMF Australia reported net profit after tax of $20.76 million for the 12 months to June 30, 2009.
