ANZ Bank will "vigorously defend" the claim by IMF (Australia)'s class action announced yesterday.ANZ CEO Australia, Phil Chronican, issued a statement yesterday saying the bank would "hold IMF accountable for the impact of its actions."Listed litigation funder IMF informed the ASX yesterday that the penalty fee class action against twelve banks now totalled $250 million in claims from 213,000 accounts.IMF shares are now trading about $1.35 after peaking at $1.60 after first announcing the class action in May.IMF and their lawyers, Maurice Blackburn, are hoping for a settlement offer by banks wishing to create some good feeling in the community.The best outcome for everyone would be a negotiated one, said Maurice Blackburn principal solicitor, Ben Slade."We haven't been negotiating with ANZ or other banks yet or lawyers representing them, but the doors are open and we hope that a settlement can be reached."Powerful online activist group GetUp! has also joined the campaign to help IMF recruit new litigants to the class action and pressure the banks into a publicly acceptable out-of-court solution."We think, with the course of action we have chosen, the worst-case scenario for us - to have to fight through all appeals - might take three to four years," said Slade.