Expat Takes on Australia's Biggest Banks

A British Expat in Australia is heading up a class action lawsuit against four of Australia’s biggest banks

London, UK (Pryce Warner International) October 5th, 2011 – Expat James Middleweek, part of the firm Financial Redress has teamed up with the litigation company IMF (Australia) to start a class action suit against Australian banks for overcharging their customers.

Middleweek was formerly a stockbroker in London, and moved with his family to western Australia several years ago.

The class action suit will initially involve a test case against the Australian and New Zealand Bank (ANZ).

This test case against the ANZ represents roughly 30 000 customers whose claims total approximately $A50m. Should the test case be successful, similar suits will be launched against several other banks, including; The Commonwealth, Westpac and the National Australia Bank (NAB).

Middleweek claims that research has revealed consistent overcharging by Australia’s major banks. These include examples where customers were charged $A35 for being one dollar over their credit limit and other cases where similar fees were charged for customers paying credit card bills one day late.

The case is the largest of its kind in Australia’s history and will be heard in the Federal Court of Australia in Melbourne. The hearing is scheduled to last ten days. Many of those being represented in the case are British Expats who have relocated to Australia. Plaintiffs will not be liable for any costs but will be charged 25% of their compensation by the IMF.

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By Aneil Fatania
Financial Editor
Pryce Warner International Group
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