The class action against ANZ Banking Group
(ASX:ANZ) has progressed today with the Federal Court in Melbourne moving to establish a timetable for the case.
According to a Fairfax media report, law firm Maurice Blackburn will seek to retrieve $50 million in fees paid by 27,000 ANZ Bank customers over the past six years. The fees referred to include such costs as charges for accounts that are overdrawn or late payments.
The law firm has told the paper that it will be seeking an expedited timetable of the important consumer litigation and expect ANZ to oppose its arguments.
While ANZ has not commented on the proceedings, it did make reference to the case in its full year results last week. Elaborating to say that it has not disclosed the estimated financial impact of the case but is defending it.
Last week ANZ posted a $4.5 billion profit for the year to 30 September 2010.
