Appeal dismissed

Australia’s High Court has dismissed an appeal in a class action suit against fees charged by Australia and New Zealand Banking Group but the ruling won’t necessarily derail a similar representative action over bank fees in New Zealand. The Fair Play on Fees litigation group, launched a case against ANZ New Zealand in June 2013 and Kiwibank in November that year. The group says Kiwis incurred about $1 billion in “exception fees” imposed when their account goes into unexpected overdraft, they exceed their credit card limit or make a late payment. Australia’s highest court ruled in favour of ANZ Bank, saying late payment fees on credit card accounts didn’t amount to unconscionable conduct.