Feeding frenzy as lawyers smell...

Feeding frenzy as lawyers smell blood

http://www.smh.com.au/business/feeding-frenzy-as-lawyers-smell-blood-20100512-uy3w.html


"ONE thousand people an hour have swamped the hotlines at IMF Australia as the litigation firm confirmed it would fund a series of class action lawsuits against the big banks, which it claims have overcharged customers $5 billion in penalty and late fees.

The class action is set to be the biggest in corporate history and will target 12 banks, including the ANZ, Commonwealth Bank, National Australia Bank and Westpac, foreign banks and the regional banks.

After news of the action broke on the Herald's website at noon yesterday, public interest in the case hit fever pitch.

"It's been bedlam. The interest is huge because of the pent up anger these fees generate," the chief executive of IMF, Hugh McLernon, said."