On 6 December 2011 we posted an article (see here) concerning the recent decision of the Federal Court that late payment fees on credit cards issued by ANZ might potentially be a penalty and therefore an unenforceable (and refundable) charge levied against ANZ's customers.
The lawyers representing the class action litigants have this morning held a press conference to announce that they propose to now issue proceedings against CBA, NAB, Citibank and Westpac in relation to late fees charged on credit cards held by their customers. The combined total of the claims exceed $150M.
The possibility that other banks might also become involved was left open.
It is not yet known whether ANZ or the class action litigants will appeal the decision of the Federal Court last week. A successful appeal by ANZ would stymie the latest proposed proceedings. A win for the claimants would expand the scope of any claim against those banks who have been pulled into the fray.
