Australia and New Zealand Banking Group (ANZ) is to appeal against the Federal Court’s ruling that it levied exorbitant late-payment fees on credit cards.
In February 2014, the Federal Court Justice Michelle Gordon ruled that the some of the late-payment fees charged by ANZ were illegal, while four other types of fee were reasonable.
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Following the verdict, the bank said it would appeal in the judgement to the full Federal Court and may appeal again to the High Court of Australia.
According to the court filings, ANZ was held responsible for levying late-payment fee of up to $35 on customers. However, the bank said that handling late payments cost them between 50cents and $5.50.
The appealing will be monitored closely by seven other banks including the Commonwealth Bank of Australia, Westpac Banking Corp, National Australia Bank, and Citigroup, which have been sued in similar kind of proceedings.
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