Litigation & Regulatory Update: No Knockout Blow In Bank Fees Class Actions (Paciocco V Anz)



Both sides claimed victory when Justice Gordon of the Federal Court of Australia delivered her decision in the bank fees litigation, Paciocco v Australia and New Zealand Banking Group Limited [2014] FC 35 (Paciocco v ANZ) and both sides are contemplating their respective positions in terms of an appeal. Therefore, the much anticipated clarity around the doctrine of penalties may be shortlived.

Justice Gordon found that ANZ’s credit card late payment fees are 'penalties’ and are unenforceable. A necessary element of this finding was that her honour considered the late payment fees were extravagant and unconscionable. However, it is important to note that Her Honour commented that '…there was no allegation of dishonesty, oppression or abuse of a commercially powerful position and none existed.

Please see full alert below for more information.

LOADING PDF: If there are any problems, click here to download the file.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© DLA Piper | Attorney Advertising

Written by:


DLA Piper on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.