Federal Court rules ANZ Bank fees 'unconscionable'

THE Federal Court has handed a partial victory to ANZ customers joined in a class action to recoup $57 million in fees.

The court ruled that the late payment fees the bank charged customers were extravagant, exorbitant and unconscionable.

But Justice Michele Gordon said that other fees the bank charged, including honour and dishonour fees, and over-limit fees on credit cards, were reasonable.

ANZ and Maurice Blackburn, which was running the class action on behalf of 43,500 ANZ customers, have been directed to discuss damages and penalties for the finding.

The action, which began in September 2010, was the first of a series of bank-fee class actions against a total of eight banks.

More on this at ABC News