New Zealanders are being urged to climb aboard a giant class action suit to claw back more than 1 billion of unfair default fees from the major banks. banks class action nz 4 days ago A class action is launched against one of Australia's biggest banks over alleged irresponsible lending practices dating back to 2011. The action is the first launched in the wake of the banking
Class action proceedings are a relatively new feature on the New Zealand legal landscape and have the potential to expose companies, directors, executives and even advisers to new types of litigation and risk. This was the largest prospectus liability claim ever brought in New Zealand. Bank fees proceedings banks class action nz
Three more NZ banks face class fees action. FAIR Play on Fees, which has already begun proceedings against ANZ and Kiwibank, is now taking on Westpac, BNZ and ASB. AAP February 11, 2014 12: 48pm. Thousands sign up for NZ bank class action. A NZ campaign to launch a class action against major banks to reclaim excessive default fees has attracted more than 11, 000 signups. Class action litigation: a new frontier. 28 April 2014 Despite some obstacles, a class action regime is emerging in New Zealand. LDC Finance collapse in 2013 and Fair Play on Fees have filed proceedings in relation to penalty fees charged by banks. Class action litigation in NZ. banks class action nz Australia's banks face the biggest class action in corporate history for overcharging their millions of customers some A5 billion (6. 2 billion) in penalty and late fees over the past six years. The group is seeking to claim back excessive bank default fees from the past six years, which is the limitation period for such action. Hooker said it was New Zealand's largest ever planned class action and banks had been unlawfully overcharging Kiwis for many years. Bank fees class action Maurice Blackburn issued proceedings in the Federal Court of Australia against the ANZ bank in September 2010 in the first of a series of bank fee class actions for repayment of fees they have charged their customers over the last six years. The legal action is being led by New Zealand lawyer Andrew Hooker, Australian class action experts Slater& Gordon and litigation funder Litigation Lending Services (NZ). Fair Play on Fees Lawyer Andrew Hooker says banks have been overcharging Kiwi customers on default fees for years.