ANZ WILL PAY $68 MILLION TO SETTLE TWO CLASS ACTIONS

Australian lender ANZ said on Friday it will pay a combined sum of A$99 million ($67.76 million) for the settlement of two class actions brought against it in 2020. The first class action was brought on behalf of persons who entered into car loans issued under ANZ's credit license between 2011 and March 2016, alleging "flex commissions" were paid to ANZ accredited car dealers by the lender.

Flex commission arrangements allowed car dealers to set the interest rate and terms on car loans. The higher the interest rate and the longer the loan term, the greater the commission received by the dealer.

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