‘Betrayed the trust of Australians’: ANZ bank pays record $240m fine for widespread misconduct
https://www.theguardian.com/australia-news/2025/sep/15/anz-bank-pays-record-240m-fine-for-widespread-misconduct-time-and-time-again-they-betrayed-the-trust-of-australiansOpen linkView original on lemmy.world
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https://youtube.com/watch?v=Fj1PnEh6MAg
Every time I see one of these stories. Did the fine actually exceed their profit from the misconduct?
FR. Fines need to be based on at least double what the misconduct earned them.
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.
Well the share price could've risen due to expectations of a worse judgement. The analysis has to be a different one. Just profit/loss.
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.
This is why CEOs need such big pay packets /s
I should really change to Bank Australia at some point, but I can't be bothered unless Visa cracks and allows LGBT content again (I'm currently on Mastercard).
I endorse Bank Australia. They recently wiped a bunch of their fees https://www.bankaust.com.au/banking/fee-updates
They're the only bank in my town that isn't for-profit. I just need the initiative.
Come to think of it I don't actually care about my issue with Visa and Mastercard very much. I should just ignore it and go with the better bank.
That's it?
In ten years we have had major fines of ANZ, Westpac, CBA. Next is National Bank?