SYDNEY: An Australian court ruled in favour of one of the country's biggest banks on Wednesday in a long-running case over credit card fees, but lawyers for a class action hoping to reclaim millions vowed to fight on.
In early 2014, Justice Michelle Gordon of the Federal Court in Melbourne found that ANZ's credit card late fees of up to Aus$35 (US$26.85) far exceeded the true costs of dealing with late payments and were illegal.
But a full bench of the court on Wednesday overturned the ruling on appeal, disagreeing with the earlier finding that the fees were "extravagant, exorbitant and unconscionable".
"Our long-standing position has been these fees were lawful and we're pleased this has been vindicated by the Full Federal Court," said ANZ's chief executive for Australia, Mark Whelan.
"We were particularly pleased the court found there was no dishonesty on ANZ's part and these avoidable fees were fairly and fully disclosed and there was no lack of good faith by ANZ."
ANZ said it hoped the ruling would put an end to the "lengthy and expensive litigation".
But law firm Maurice Blackburn, which brought the class action on behalf of ANZ customers, indicated it would not cease its fight against the fees and likely take the dispute to the High Court.
"There is a public interest in having these issues resolved by Australia's highest court," the legal firm's head of class actions Andrew Watson said.
ANZ, the country's third largest bank, was the first of eight major lenders to go to court as part of a case begun in 2010 involving more than 185,000 customers who are trying to recover the "excessive" fees and claiming some Aus$240 million in damages.
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