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Around 17,000 ANZ customers could receive a payout, as bank loses $125m class action
ANZ has to reimburse customers affected by the CCCFA breach all their borrowing costs for the duration of the breach. Photo / Alex Burton
ANZ customers have won a class action taken against the bank, which could cost it $125 million.
High Court Justice Geoffrey Venning has ruled some of ANZ’s lending breached the Credit Contracts and Consumer Finance Act (CCCFA) in the mid to late-2010s.
A coding error in one of ANZ’s loan
calculators saw it charge about 17,000 customers the wrong amount of interest.
While ANZ reported the issue to the Commerce Commission, and paid customers more than $35 million to rectify the mistake, the issue the court sought to clarify was whether ANZ was required to reimburse customers all the borrowing costs (including interest) they paid for the duration of the breach.
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