IMF launches $50m ANZ class action

Litigation funder IMF Australia has lodged a class action against ANZ Bank on behalf of 27,000 of the bank's customers.

The action relates to more than $50 million in exception fees charged by the bank over the previous 6 years.

In a statement to the Australian Securities Exchange, IMF said the claim could also include interest on those fees.

The action has been lodged in the Victorian Registry of the Federal Court.

The Class Action solicitors Maurice Blackburn will seek to have the matter heard in the fast track division of the Court.

"Bank customers holding 213,000 accounts with claims in excess of $250 million against 12 Australian banks have now entered into funding agreements with IMF," the statement said.

ANZ said it will vigorously defend legal action regarding exception fees.

"We recognised that these fees were unpopular with customers," said ANZ CEO Australia, Philip Chronican.

"This is why we took action to simplify fees in line with our customers' expectations and they have been benefiting from this new fee structure since December 2009.

"It's a big leap however for a fee to go from being unpopular to being unlawful.

"ANZ will be defending this claim vigorously and we plan to hold IMF accountable for the impact of its actions," said Mr Chronican.