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.


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You would think that if exception fees were too low, then banking customers would have little incentive to pay on time. If only people could be taught how to manage their finances responsibly. Banks are not a charity, they need to make a profit so that depositors can feel assured that their deposits are safe. And also investors need to receive a fair dividend.

I have been an ANZ costumer for many years and have a Visa card with a $6000 limit that my Army pension pays off from a linked savings account. Many times over the past years I have been slugged with a $30 o/drawn fee for direct debits that the Bank processed knowing that the limit was being breached and that there was money in the savings account to cover the payments. I wIll be joining the action.

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Total Shareholder Return as at 30/09/16

1 year TSR5 year TSR
44thCIMIC Group70%16%
179thANZ Banking Group9%14%
716 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar


8th↓ANZ Banking Group$21,071.0m
12th-CIMIC Group$13,325.4m
79 listed non wa companies ranked by revenue.
Source: Morningstar

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