Legal fight in the offing for Australian banks

Calcutta News.Net
Wednesday 12th May, 2010

Australian banks may be in for a legal fight with customers, over alleged overcharging.

The major banks are facing legal action over penalty and late fee charges, which according to customer groups were a way of increasing profits to at least $400 million over a six year period.

Ten class actions are being taken against the banks by one of Australia’s leading litigators.

The big four banks, the Commonwealth Bank, ANZ, Westpac and National Australia Bank, are all involved in the alleged gouging claims.

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