The ANZ Group of Australia has reached a settlement agreement with a class action over the interest rate it levied on personal credit cards, agreeing to pay A$57.5 million ($37.44 million).
Conversely, the settlement is conditional on court certification, ANZ said in a statement. The class action was brought against ANZ in 2021 by law firm Phi Finney McDonald.
In the lawsuit, the class accused the bank of “unfair contract terms and unconscionable conduct “over interest charges on credit cards made from July 2010 to January 2019.
Legal Allegations and Resolution
The lawsuit against ANZ Group accused the lender of charging interest on credit card purchases during a period when they should have been interest-free, prompting claims of unfair treatment towards consumers.
The settlement agreement, although reached without the bank admitting liability, represents a resolution to the legal dispute brought forth by affected individuals.
ANZ Group’s decision to settle the class action underscores its commitment to resolving legal matters efficiently while avoiding protracted litigation.
The settlement amount, subject to court approval, aims to provide restitution to impacted customers and bring closure to the matter.
