Banking

On 27 July 2016, the High Court of Australia held in Paciocco that a late payment fee imposed by the ANZ in  respect of two credit card accounts was not void as a penalty. The Court considered the test to apply…

Introduction Performance bonds, sometimes called bank guarantees, are typically issued by a financial institution at the request of a party to a contract. Performance bonds are often issued pursuant to an obligation contained in a construction contract.  They take the…

On 27 July 2016, the High Court of Australia delivered its long-awaited judgment in Paciocco & Anor v Australia and New Zealand Banking Group Limited [2016] HCA 28. The first appellant (Mr Paciocco) held two consumer credit card accounts (the…

NATIONAL AUSTRALIA BANK LTD V ROSE [2016] VSCA 169 (21 July 2016) Introduction On 21 July 2016, the Victorian Court of Appeal delivered judgment in National Australia Bank Ltd (Bank) v Rose. Although the Bank submitted in opening at trial…