ANZ settles $85m class action for predatory car loan practices, awaiting court approval.
ANZ has settled a class action lawsuit for $85 million due to allegations of predatory lending practices in its car loan business, Esanda. The lawsuit, brought by Maurice Blackburn Lawyers, claimed that ANZ's flex commission arrangements enabled car dealers to charge consumers higher interest rates and longer loan terms for larger commissions. The settlement does not admit liability and awaits court approval. This follows the outlawing of such practices by the ACCC in 2018.
October 04, 2024
11 Articles