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Forum Post: Class action against banks. Australians taking affirmative legal action.

Posted 2 years ago on Feb. 2, 2012, 5:31 p.m. EST by Builder (4202)
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If you want to take action against the big banks, you need a lot of people to stand together as one, and play the game the way the bankers play it; that is, in the courts.

http://www.theaustralian.com.au/business/financial-services/class-action-against-banks-grows/story-fn91wd6x-1226260028076

THE nation's largest ever class action against Australia's major banks has been extended, with $216 million worth of exception fees now under question.

Law firm Maurice Blackburn filed a new claim in the Federal Court yesterday against St George and Bank SA, both owned by the nation's second-largest bank, Westpac.

The move comes after the compensation firm began the class action last year against ANZ over $50m worth of exception fees charged on credit cards and transactions accounts.

This was then extended to the Commonwealth Bank, the National Australia Bank, Westpac and Citibank over $150m of fees.

The latest suit, against St George and BankSA, covers $16m worth of fees for 10,500 customers.

It now covers 160,500 customers and seven banks.

It is expected the class action will be rolled out further against more junior banks....... more at the link above.

Now, these amounts might seem like small change, but remember that Australia's population is about 25 million, compared to the US of about 330 million.

It's a start. Just letting the banks know that they are not a law unto themselves is a great thing to be thinking of doing in America.

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[-] 2 points by sovaye (259) 2 years ago

Go Australia!! I suggested this in November but I didn't get much response. Perhaps now people will consider this class action law suit for the US as well. 330 million people is a lot of support!