I’m in this class action. I’ve been paid $236.81. Yay, I guess?
I was truly hurt when this happened to me 20 years ago, but now $236.81 goes nowhere near as hard. The most egregious thing ANZ did would be to take my account(s) into negative balance with fees, and then charge me $36 overdraft fee per account on going negative - then charge me daily compound interest on each negative balance until I realised that my account was in the red through actions that weren’t my own and costing me heavily.
While I recognise that I’m in a far better place financially to when this happened, this payment feels token at best. I don’t even remember what this number represents in terms of what damage was done to me as a percentage. But I’m moderately certain I lost more money than this to ANZ fees at the time than I’ve been compensated for.
Mister_Ruse@aussie.zone 3 weeks ago
youtube.com/watch?v=Fj1PnEh6MAg
Every time I see one of these stories. Did the fine actually exceed their profit from the misconduct?
Taleya@aussie.zone 2 weeks ago
FR. Fines need to be based on at least double what the misconduct earned them.
The_Decryptor@aussie.zone 2 weeks ago
I caught his coverage of the fine yesterday on 9 news, he pointed out that their share price actually rose afterwards, so the fine didn’t really hurt them in any way.
vas@lemmy.ml 1 week ago
Well the share price could’ve risen due to expectations of a worse judgement. The analysis has to be a dofferent one. Just profit/loss.