Australia’s ANZ Group to settle credit cards class action for $37.4 million

By Thomson Reuters Mar 24, 2024 | 6:06 PM

(Reuters) – Australia’s ANZ Group said on Monday it had agreed to settle a class action suit related to interest charged on personal credit cards for A$57.5 million ($37.44 million).

The settlement is without admission of liability and remains subject to court approval, ANZ said in a statement.

The class action was brought against the lender by law firm Phi Finney McDonald in 2021.

The lawsuit alleged “unfair contract terms and unconscionable conduct” by the bank in charging interest between July 2010 and January 2019 on credit card purchases that should have been interest free.

($1 = 1.5356 Australian dollars)

(Reporting by Himanshi Akhand in Bengaluru; Editing by Sandra Maler and Marguerita Choy)