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Court rules against ANZ in class action lawsuit
ANZ has been unsuccessful in its fight in the High Court against a class action from borrowers.
The court has awarded summary judgment against the bank in relation to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) class action proceedings.
Between 2015 and 2019, the law said that a lender that was in breach of its disclosure requirements had to repay borrowers all the interest and fees they were charged during the time when they were not compliant with the rules.
The class action claims that between 30 May, 2015 and 28 May, 2016, a coding error in one of ANZ's systems failed to take into account interest that had been accrued and not yet charged.
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