Recent Cases and ASIC Actions in Consumer Credit: Presentation for Min-IT A presentation by Dr Paul O'Shea O'Shea Lawyers Tel: 07 3359 7967 Email: email@example.com
What are we doing? only A FEW
- Cash Converters
- Motor Finance Wizard
- Radio Rentals
PACCIOCCO V ANZ (HIGH COURT OF AUSTRALIA)Maurice Blackburn’s multimillion dollar class action against the ANZ which argued that late fees were “penalties” at common law (as well as breaching other statutory provisions) and, therefore, unenforceable. Court found that ANZ could justify its $35 fee by:
- Its operational costs (about $5).
- The effect of provision for late payments and defaults on the value of the loan portfolio (about $27)
- The effect on the costs of regulatory compliance with APRA capital requirements of provision for late payments and defaults (about $23).