Woodsford Litigation Funding is backing an Australian class action against banking giant ANZ on behalf of credit card holders who were charged interest by ANZ from 1 July 2010 to 31 December 2018.
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. The claim alleges that, during the eight-year period, ANZ charged interest to customers retrospectively on credit card purchases that previously had the benefit of an interest-free period, also known as Retrospective Interest. The claim further alleges that ANZ did not provide transparent instructions to its interest-free credit card customers of the method in which it charged Retrospective Interest and that customers had no way to determine the amount of Retrospective Interest they would pay.
Phi Finney McDonald is acting as the representative applicant.