When will I be paid?

The Court will hear the application for approval of the proposed settlement on 19 December 2024 at 10:15AM at the Federal Court in Melbourne.

If the Court approves the settlement on that date and there are no appeals, settlement payments will be distributed to registered group members between approximately March and April 2025.

 

Are there any out of pocket costs?

No. There are no out of pocket costs and you will not be required to pay any money to receive compensation. The litigation costs will come out of your compensation prior to payment.

 

Do I need to do anything for the approval hearing?

No, you do not need to do anything for the hearing.

 

Do I need to take any further action?

If you have registered and provided your bank account details, you do not need to take any further action . However, if you have not provided up to date bank details for receipt of payment you must do so now otherwise, you will not receive a settlement payment.

 

What happens if the Court does not approve the settlement?

To ensure that a proposed settlement is fair and reasonable and in the interests of group members, the Court must approve the proposed settlement. If the Court does not approve the proposed settlement, the class action will continue and no money will be paid to group members unless and until either the Applicant wins the case at trial or there is a subsequent settlement approved by the Court.

 

How can I obtain copies of the other documents relevant to the class action and proposed settlement?

Copies of relevant documents, including documents setting out the Applicant’s claim and ANZ’s defence, may be downloaded from here. To obtain a copy of the deed of settlement between the parties you must be a group member, and you will need to sign a confidentiality undertaking. Instructions to obtain a copy of the deed are available on the group member portal.

 

How are settlement payments determined?

The Applicant will propose a settlement distribution scheme subject to Court approval. The Applicants will propose that all registered group members receive a pro rata share of the net settlement sum. The calculation of your estimated settlement payment can be found in the portal on the initial page.
As set out in the notice you received regarding registration, the net settlement sum, which will be distributed to group members, is the settlement sum ($57.5m) minus the costs of the legal proceeding, estimated to be $34,311,351.15.

 

What if my bank or personal details change after I confirm them?

You will be given an option to confirm your bank details when you review your estimate. If your bank details change afterwards, please send an email to ANZCCEnquiries@phifinneymcdonald.com providing the following verification information:

(a) Full name;
(b) Date of birth;
(c) Email address;
(d) Address; and
(e) Phone number.

 

How will my personal information be used?

The Federal Court of Australia has authorised ANZ to provide a limited amount of your personal information to Phi Finney McDonald for the purposes of contacting you about the Class Action, and for calculating your potential entitlement to compensation if the Court approves the settlement. That information has been authorised to be disclosed to Phi Finney McDonald and any agent or representative appointed by the Applicant, on a confidential basis for any of the following purposes:

 

(a) enabling the settlement notice to be sent to group member and any subsequent use pursuant to or to comply with the proposed scheme for distribution of the settlement;
(b) effecting registration of group members; and/or;
(c) calculating entitlements for distribution to each group member.

 

The Federal Court made orders about this on 31 May 2024, 18 June 2024 and 30 July 2024.You will also be requested to provide personal information for use to comply with the proposal for settlement payments if the settlement is approved. You are not required to provide your personal information to us. However, if you do not, or if you do not update the information on the portal platform so that it is correct, Phi Finney McDonald and the Settlement Administrator (the person responsible for distributing settlement monies) may not be able to make any settlement payment to you.

Your personal information may be accessed by Litigationware Limited (trading as FinLegal), on a strictly confidential basis for the sole purpose of Phi Finney McDonald processing and using that information for the purposes for which it has been collected and authorised to be used.

Your personal information will be held by Phi Finney McDonald on a strictly confidential basis. Once we are no longer legally or contractually obliged to keep your personal information and steps will be taken to delete it from Phi Finney McDonald’s records. Electronic information which we can’t permanently destroy or de-identify without compromising other information, such as certain back-ups, will be securely stored with restricted access and we won’t attempt to use it.

For more information about the handling of personal information by Phi Finney McDonald Pty Ltd (including how you may access the personal information held by PFM and how you may complain about a breach of the Australian Privacy Principles), see the Privacy Policy which may be accessed here.

 

My question hasn’t been answered. Can I speak to a lawyer?

In the event your question is not answered by the FAQs, please email your question to ANZCCEnquiries@phifinneymcdonald.com. Emails will be responded to as soon as possible. Responses may take longer than usual due to volume of enquiries expected. Please provide your telephone number so you can be telephoned if required.