Australia’s ANZ Group to settle credit cards class action for $37.4 million
FILE PHOTO: A pedestrian is reflected in the window of a branch of the Australia and New Zealand Banking Group (ANZ) in central Sydney, Australia, October 25, 2017. Picture taken October 25, 2017. REUTERS/Steven Saphore/File Photo
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(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)
