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.
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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.
