Oct 4 (Reuters) - 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.

These commission arrangements were banned by Australia's

securities regulator on Nov. 1, 2018. The company will pay A$85

million to settle the class action related to the car loans.

The other class action was filed on behalf of members of ANZ

and its former unit's OnePath superannuation products, alleging

that trustee of the pension funds breached its duties to members

by charging excessive fees in order to pay unnecessary

commissions to financial advisers.

The lender will pay A$14 million to settle the

superannuation class action.

"The settlements are without admission of liability and each

remain subject to court approval," ANZ said in a statement.

($1 = 1.4611 Australian dollars)