NAB became aware of the issue in January 2017 and did not stop overcharging customers until February 2019, court documents say.
November 8, 2022Maximum penalties for companies can be as high as A$50mn, three times the benefit derived from a breach, or 30% of annual turnover.
November 3, 2022The class action alleges ANZ contravened the ASIC Act by charging retrospective interest and interest on purchases that were paid off in a timely manner.
December 9, 2021A proposed February 2022 trial date will not be feasible as Westpac will have to be allowed sufficient time to review expert evidence.
August 2, 2021ASIC says Westpac traded interest rate derivatives to pre-position itself while knowing it would be selected to execute a A$12bn interest rate swap hours later.
May 6, 2021ASIC says NAB charged some customers periodic payment fees when they were entitled to an exemption, and charged other customers the wrong fee.
February 27, 2021The three OTC derivatives issues are now in liquidation and have also been ordered pay ASIC's costs and to refund approximately 10,000 former clients, on top of the penalties.
October 22, 2020The case, launched by ASIC in July 2019, related to periodic payment fees ANZ was not entitled to charge under its terms and conditions.
October 6, 2020NAB is alleged to have broken the law more than 12,000 times by charging customers fees for no service and issuing defective fee disclosure statements.
December 18, 2019ANZ charged fees on transactions between its customers' own accounts, despite the fees only being applicable to transactions made to "another person or business".
July 26, 2019