Paciocco v Australia and New Zealand Banking Group Limited [2015] FCAFC 50
Paciocco v Australia and New
Zealand Banking Group Ltd
[2015] FCAFC 50
Full
Court of the Federal Court of Australia
Allsop
CJ; Besanko & Middleton JJ
Banking
– consumer protection – representative proceedings – plaintiffs sought to set
aside ‘Exception Fees’ on basis they were penalties, or were product of unconscionable
conduct by bank, or were unjust under National Credit Code, or were unfair
contract terms – ss12BG, 12CA, 12CB, 12CC, 12GF & 12GM Australian Securities and Investments Commission Act 2001 (Cth) – Contracts Review Act 1980 (NSW) – Fair Trading Act 1999 (Vic) – held: it
was not proven that late payment fee was extravagant or unconscionable – no unconscionable conduct by bank – fees were
not penalties – transactions not unjust or terms unfair – statutory claims dismissed
– bank’s appeal allowed.
