Andrews v Australian and New Zealand Banking Group Limited [2011] FCA 1376

FEDERAL COURT OF AUSTRALIA

Andrews v Australian and New Zealand Banking Group Limited [2011] FCA 1376 Citation: Andrews v Australian and New Zealand Banking Group Limited [2011] FCA 1376

Parties: JOHN ANDREWS, ANGELO JULIAN SALIBA and GEOFFREY ALLAN FIELD v AUSTRALIAN AND NEW ZEALAND BANKING GROUP LIMITED (ACN 005 357 522)

File number: VID 811 of 2010

Judge: GORDON J

Date of judgment: 5 December 2011

Catchwords: BANKING AND FINANCIAL INSTITUTIONS – history of the law of penalties – penal bonds – rule of law and equity – Statute of William III – Statute of Anne – law of penalties in Australia and United Kingdom – liquidated damages – agreed damages – genuine pre-estimate of damage – requirement of breach – relationship between banker and customer – construction of contract between banker and customer – regulatory framework – product disclosure statements – retail deposit accounts – consumer credit card accounts – commercial credit card accounts – business classic accounts – honour fee – dishonour fee – late payment fee – late payment fee – non-payment fee – overlimit fee

Legislation: Administration of Justice Act 1925 (Imp) Administration of Justice Act 1965 (Imp) Australian Courts Act, 9 Geo IV, c 83 (Imp, 1828) Australian Securities and Investments Commission Act 2001 (Cth) Banking Act 1959 (Cth) Consumer Credit Regulations 1995 Corporations Act 2001 (Cth) Corporations Amendment Regulations 2005 (No 5) Corporations Regulations 2001 (Cth) Instruments Act 1958 (Vic) National Consumer Credit Protection Act 2009 (Cth) Supreme Court of Judicature Act 1873 (Imp) 36 & 37 Vict, c 66 Supreme Court of Judicature Act 1875 (Imp) 38 & 39 Vict, c 77 Trade Practices Act 1974 (Cth) Statute of Anne (1705) 4 & 5 Anne c16 (The Administration of Justice Act 1705) Statute of William III (1696) 8 & 9 Will 3 c11 (The Administration of Justice Act 1696 entitled "An Act for the Better Preventing of Frivolous and Vexatious Suits")