The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is trading largely flat on Monday.
In afternoon trade, the banking giant’s shares are fetching $25.67.
This is actually a decent result for the ANZ share price given the bank’s announcement this morning.
ANZ share price flat despite announcement
This morning ANZ acknowledged that Australia’s corporate regulator, Australian Securities and Investments Commission (ASIC), has commenced a civil legal proceeding against it.
According to the release, the claim relates to the available funds and balances on a group of customer’s credit cards.
The bank explained:
ASIC’s claim relates to a particular situation where funds are deposited to put a credit card account into a credit balance, and a cash advance is subsequently made on the account drawing down on the credit balance before the deposit is processed.
ASIC is alleging historic and ongoing contraventions of the misleading or deceptive conduct provisions of the ASIC Act and of the general conduct obligations owed by credit licensees under the Credit Act, relating to the display of recently deposited funds in customer accounts.
What now?
ANZ revealed that it is considering the matters raised by ASIC but will not be providing further comment. This is because the matter is now before the court.
However, judging by the relatively flat ANZ share price on Monday, investors don’t appear to believe that the proceeding will result in a material penalty.
The post ANZ share price largely unfazed by ASIC law suit appeared first on The Motley Fool Australia.
Should you invest $1,000 in ANZ right now?
Before you consider ANZ, you’ll want to hear this.
Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and ANZ wasn’t one of them.
The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.
*Returns as of January 13th 2022
More reading
- The corporate cop is suing ANZ: share price on watch
- The ANZ share price is ‘trading at its largest discount to its peers in 15 years’: Is this justified?
- Own ANZ shares? The bank is amping up competition between its big four peers
- ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?
- ANZ shares backtrack despite the bank bolstering its board
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/SXueCok
Leave a Reply