ANZ settles flex commission class action lawsuit for $85 million

ANZ will pay $85 million to members of a class action lawsuit over flex commissions used in dealer-arranged car loans, after settling the matter out of court.Maurice Blackburn lawyers alleged ANZ engaged in predatory lending practices that saw customers stung with high interest loans from car dealers.The lawsuit alleged that flex commission arrangements allowed car dealers to set higher interest rates and longer loan terms, to receive larger commissions.ANZ has settled a class action lawsuit for $85 million. (Nine)ASIC banned such arrangements in 2018.Maurice Blackburn’s national head of class actions Rebecca Gilsenan said the settlement was a historic win for consumers who had paid far too much for their car loans.”We are very pleased to have achieved this result for consumers. They had a right to expect that dealers were offering the best rate because they understand the roles of car dealers and lenders are distinct,” Gilsenan said.Huge name new arrival among Australia’s most…