Australian Securities & Investments Commission Investigates ANZ Bank as Risk Manager for 2023 10-Year Treasury Bonds Issuance, Suspected to Breach ASIC Act & Corporations Act
16th May 2024 | Hong Kong
The Australian Securities & Investments Commission (ASIC) is investigating ANZ Bank as risk manager for a 2023 10-year treasury bonds issuance (by the Australian Office of Financial Management, AOFM), with ANZ suspected to breach the ASIC Act & Corporations Act. ANZ (13/5/24): “ANZ notes that the Australian Securities and Investments Commission (ASIC) is investigating ANZ’s execution of a 2023 issuance of 10-year Treasury Bonds by the Australian Office of Financial Management (AOFM). ANZ was appointed by the AOFM to act as a risk manager in relation to the issuance of the Treasury Bonds. ANZ understands that ASIC is investigating suspected contraventions of a number of provisions of the ASIC Act and the Corporations Act. ANZ takes compliance with its regulatory obligations seriously and is co-operating fully with ASIC.” In March 2024, ANZ bank agreed to pay $37.4 million (AUD 57.5 million) in interest-free credit cards class action settlement for interest charged between 2010 to 2019, with the lawsuit filed by specialist litigation law firm Phi Finney Mcdonald focusing on group litigation & shareholder class actions.
“ Australian Securities & Investments Commission Investigates ANZ Bank as Risk Manager for 2023 10-Year Treasury Bonds Issuance, Suspected to Breach ASIC Act & Corporations Act “
ANZ Bank to Pay $37.4 Million in Interest-Free Credit Cards Class Action Settlement for Interest Charged Between 2010 to 2019, Lawsuit by Specialist Litigation Law Firm Phi Finney McDonald Focusing on Group Litigation & Shareholder Class Actions
29th March 2024 – ANZ bank has agreed to pay $37.4 million (AUD 57.5 million) in interest-free credit cards class action settlement for interest charged between 2010 to 2019, with the lawsuit filed by specialist litigation law firm Phi Finney Mcdonald focusing on group litigation & shareholder class actions. Phi Finney McDonald: “The claim alleges that during the Claim Period ANZ charged interest to customers retrospectively on credit card purchases that previously had the benefit of an interest-free period (Retrospective Interest). The claim further alleges that ANZ did not provide transparent instructions to its interest-free credit card customers of the manner in which it charged Retrospective Interest and that customers had no ability to determine the amount of Retrospective Interest they would pay. From 1 January 2019, Parliament prohibited the practice of charging of Retrospective Interest by amendment to the National Consumer Credit Protection Act 2009 (Cth) by the Treasury Laws Amendment (Banking Measures No.1) Bill 2018. The proceeding alleges that ANZ’s credit card contract terms were unfair terms pursuant to sections 12BF and 12BG of the Australian Securities and Investments Commission Act 2001 (Cth) (ASIC Act) because ANZ 1) charged Retrospective Interest; 2) charged interest on purchases paid off in a timely manner by the cardholder; 3) did not provide cardholders with the ability to calculate their potential interest charges; and 4) obfuscated the interest charging mechanisms within ANZ relevant credit card contracts, preventing the cardholder from being able to understand the interest consequences of not paying off the entirety of their closing balance … … Phi Finney McDonald acts for the Representative Applicant, Daniel Tour, and Australia and New Zealand Banking Group Limited (ACN 005 357 522) (ANZ) credit card holders who were charged interest by ANZ from 1 July 2010 to 31 December 2018 (Claim Period) in a class action against ANZ. The class action, filed in the Federal Court of Australia, alleges that ANZ’s “interest-free” credit card contracts contained unfair terms and that ANZ engaged in unconscionable conduct causing loss and damage to ANZ credit card holders. Woodsford Litigation Funding is providing financing for the class action.” ANZ: “ANZ today announced it has reached an agreement to settle a class action brought against it by Phi Finney McDonald in 2021. The class action related to certain interest charged on certain ANZ personal credit cards in the period from 1 July 2010 to 1 January 2019. ANZ will pay $57.5m in the settlement, which is covered by a provision held at 30 September 2023. The settlement is without admission of liability and remains subject to court approval.”
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