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The High Court last week struck a powerful blow for Goliath in determining that sky-high bank fees will remain legal. Judge Michelle Gordon, then in the Federal Court, had found that the late payment fees imposed by ANZ were an unenforceable penalty, largely because they didn’t relate directly to the loss suffered by the bank.

Gordon, who has since been appointed to the High Court, was overruled by the full court of the Federal Court, and last week by her colleagues on the High Court. But simply because some of the High Court (it was effectively a 4:2 decision) found in favour of the banks, that certainly doesn’t mean they got it right.