ANZ Banking Group
(ASX:ANZ) is to be struck with a class action having incorrectly charged customers millions of dollars in penalty charges, according to a Fairfax report, the claim will be filed this morning in the Federal Court and is expected to reach around $50 million.
The class action is said to be the first among many targeting Australian banks who have wrongfully charged penalties to their customers.
Fairfax says IMF Australia Ltd had earlier advised it would finance 10 class actions against banks thought to have charged over $5 billion in unwarranted fees.
Adding, that the litigation funder hopes over 100,000 customers will enter the class action.
ANZ Banking Group posted a profit of $1.93 billion for the six months to 31 March 2010.
