Thursday, September 23, 2010

Citizens vs the banks

Over the last few days, more than one hundred and fifty thousand Australians have joined the largest class actions in the nation's history against most of the major Australian banks. The first case against against ANZ has been announced and many more will follow. The issue concerns penalty fees, which have allegedly been illegally imposed at punitive rates rather than simply covering the banks' costs. The class action is being brought by Maurice Blackburn Lawyers, and funded by IMF, and managed by Financial Redress. GetUp have joined with Choice consumer group and the Australia Institute in supporting the action. It will be a very interesting test case.

If you are an Australian citizen, have been penalised by a bank for a relatively minor action at some point since 2004 and would like to join the action to gain a refund and hold the banks accountable, you can do so here.


Anthony Douglas said...

...and so now we see the transition from a democratic reform movement to an Australian democratic reform movement!

Agreed, but sighing that even that is a pun.