Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Deadline Set for Kiwibank Customers to Sign up for Class Act

7 March 2014

Deadline Set for Kiwibank Customers to Sign up for Class Action

The High Court in Auckland made a series of initial orders yesterday in the bank fees class action against Kiwibank.

Importantly, the Court has confirmed the opportunity for thousands more Kiwibank customers to sign up to the case, ahead of a final deadline of 31 March 2014.

Fair Play on Fees lawyer Andrew Hooker says the ruling is great for potential claimants. “We’ve not been able to guarantee the inclusion of those Kiwibank customers who’ve come forward since we issued the case in November last year. Now we can confirm that all Kiwibank customers have three weeks to come forward and join this important action.

As part of this procedure Kiwibank provided the Court and its customers with an assurance that customers who participate in the case will face no discrimination from the bank.

“We expect that thousands more Kiwis out there who are still eligible to join the case. We will be urging Kiwibank customers to consider their rights to join over the next three weeks. Anyone coming forward after 31 March will find that it is too late to join this case”.

The High Court has also given the proceeding the green light to proceed as a representative action, and approved the litigation funding arrangements between the claimants and funder Litigation Lending Services.

Mr Hooker said “This case shows the advantage of class action proceedings. To run this kind of case on your own would be almost impossible but together we can challenge the banks’ fee charging practices.”

The case alleges that the following default fees charged by the bank over the past few years are unenforceable penalties which should be returned to participating claimants:

• Unarranged overdraft fees;

• Dishonour fees;

• Credit card late payment fees;

• Credit card over limit fees.

Fair Play on Fees has announced that, in addition to the ongoing cases against ANZ and Kiwibank, it will also be issuing cases against ASB, BNZ and Westpac.

A similar action run in Australia resulted in a judgment last month which found that credit card late payment fees were unfair penalties that the bank was required to repay. Lawyers for the claimants in that case lodged an appeal this week against the court’s findings that the other default fees were not penalties. That appeal is likely to be heard later this year.

The Australian case also found that claimants who operated under the belief that the bank was entitled to charge the fee were not constrained by the usual six-year time limit for bringing a claim.

“The law in New Zealand regarding time limits closely mirrors the relevant Australian legislation, so we are hopeful that these cases will now be able to claim unfair fees going back decades.”

A court date for trial proceedings in the Kiwibank case is expected to be set later this year.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Media: Fairfax Moves To Create Modern Newsroom

Fairfax Media New Zealand continues its newsroom transformation this week, with a proposal to further organise its editorial operations into focused, local teams and specialist national topic areas. More>>

ALSO:

Dairy: Fonterra Forecast For 2015/16 Season

Fonterra Co-operative Group Limited has today reduced its forecast Farmgate Milk Price for the 2014/15 season to $4.40 per kgMS. Along with its previously announced forecast dividend range of 20-30 cents per share, the change amounts to a forecast ... More>>

ALSO:

BusinessDesk: SkyCity Lifts Minimum Convention Centre Investment To $430M

SkyCity Entertainment Group, the casino operator, has lifted the minimum it will invest in the Auckland International Convention Centre to $430 million and said total costs including land may be $450 million to $470 million. More>>

Statistics: Drop In Dairy Prices Leads Fall In Exports

Total goods exports fell $240 million (5.5 percent) to $4.2 billion in April 2015 compared with April 2014, Statistics New Zealand said today. More>>

BusinessDesk: APN's NZME Sees Future In Paywalls, Growth In Digital Sales

APN News & Media has touted a single newsroom concept for its NZME unit in New Zealand, similar to what Germany's Die Welt uses, saying an 'integrated sales proposition' is helping it win market share, including ... More>>

Labour Party: Global Milk Prices Now Lowest In 6 Years

The latest fall in the global dairy price has brought it to the lowest level in six years and shows there must be meaningful action in tomorrow’s Budget to diversify the economy, says Labour’s Finance spokesperson Grant Robertson. “Dairy prices ... More>>


BusinessDesk: NZ Inflation Expectations Creep Higher In June Survey

May 19 (BusinessDesk) - New Zealand businesses lifted their expectations for inflation over the next two years, sapping any immediate pressure on the Reserve Bank to cut interest rates, and prompting the kiwi dollar to jump higher. More>>

BusinessDesk: Lower Fuel Costs Drive Down NZ Producer Input, Output Prices

May 19 - Producer input and output prices fell in the first quarter, mainly reflecting lower fuel costs and weakness in prices of meat and dairy products. More>>

Media: Fairfax Media NZ Announces Senior Editorial Team

Fairfax Media New Zealand has today confirmed its new editorial leadership team, as part of a transformation of its newsrooms aimed at enhancing local and national journalism across digital and print. More>>

Science: Flavonoids Reduce Cold And Cough Risk

Flavonoids reduce cold and cough risk Research from the University of Auckland shows eating flavonoids – found in green tea, apples, blueberries, cocoa, red wine and onions – can significantly reduce the risk of catching colds and coughs. The research, ... More>>

BusinessDesk: RBNZ House Alert Speech The Catalyst For Government Action

Prime Minister John Key all but conceded that pressure from the Reserve Bank of New Zealand for concerted action on rampant Auckland house prices was one of the main catalysts for the government's weekend announcements about tightly ... More>>

BusinessDesk: How To Fall Foul Of The New Housing Tax Rules: Tips From IRD

Just because you rented out your investment property doesn't absolve you from paying tax, says the Inland Revenue Department in a summary of commonly made mistakes by non-professional property investors when it comes to their tax liability.More>>

Legal: Superdiversity Law, Policy And Business Stocktake Announced

Mai Chen, Managing Partner at Chen Palmer New Zealand Public and Employment Law Specialists and Adjunct Professor of Law at the University of Auckland, today announced the establishment ... More>>

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news