Finance Finance News Farmers launch class action against ANZ bank

Farmers launch class action against ANZ bank

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A group of West Australian farmers say they are planning a class action against the ANZ Bank, claiming it has engaged in ‘predatory’ and ‘unethical’ practices.

In 2009, ANZ purchased Landmark’s loan book, which contained rural clients.

Some of those clients are involved in the class action claiming revised loan conditions, imposed by ANZ, are too harsh.

The Rural Action Movement’s, Greg Kenney, is one of about seven farmers behind the action.

He said he hoped the case resulted in a Parliamentary inquiry into banking practices.

“I wouldn’t like the class action to end with just those farmers that have come on board being the beneficiaries of it,” he said.

“I’d like to think that once the banking practice has been made public, that the public is aware of what they’ve been doing, practically in the bush, I’d expect that there’d be some reform.”

A spokesman for ANZ said the bank had not engaged in any unethical or predatory behaviour.