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

 


Westpac, BNZ next up in bank fees' class suit

Westpac, BNZ next up in bank fees' class suit

By Paul McBeth

Aug. 18 (BusinessDesk) - Westpac Banking Corp and Bank of New Zealand are the next two lenders to face a class suit over penalty fees.

Lawyers for the Fair Play on Fees suit will file papers in the High Court in Auckland on Wednesday against the two lenders, the group said in a statement. Westpac and BNZ were named as the next targets, along with ASB Bank in February, with papers already filed against Kiwibank and ANZ Bank New Zealand.

Lawyers representing the group, led by Auckland-based Andrew Hooker, Australian firm Slater & Gordon and Litigation Lending Services, a litigation funding firm, last year initiated court cases against ANZ and Kiwibank, claiming customers were overcharged millions of dollars in fees for overdrafts, late credit card payments and bounced cheques.

“Last year we announced we were would take action against these banks but held off filing the documents until judgments in Australia gave us a clearer picture of how the case could unfold in New Zealand,” Hooker said. “We can now file against Westpac and BNZ with the knowledge that courts in similar cases have found penalty fees, such as credit card late payment fees, to be unlawful.”

The group is asking Westpac and BNZ customers to join the suit, saying more than 41,600 people have registered with the Fair Play on Fees action.

(BusinessDesk)

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Final Frontier: Rocket Lab And NASA Sign Commercial Space Launch Agreement

Rocket Lab has signed a Commercial Space Launch Act Agreement with the National Aeronautics and Space Administration (NASA). The agreement enables Rocket Lab to use NASA resources - including personnel, facilities and equipment - for launch and reentry efforts. More>>

ALSO:

Scoop Business: Wheeler Downplays Scope For ‘Large’ Rates Fall

Reserve Bank governor Graeme Wheeler says some market commentators are predicting further declines in interest rates that would only make sense for an economy in recession, although some easing is likely to be needed to maintain New Zealand’s economic growth. More>>

ALSO:

Ruataniwha Dam: Consent Conditions Could Mean Reduced Intensity

Legal advice sought by the Hawke’s Bay Regional Council on the Ruataniwha Dam consent conditions has confirmed that farmers who sign up to take water from the dam could be required to reduce the intensity of their farming operation to meet the catchment’s strict nitrogen limit. More>>

Health And Safety: Bill Now Sees Rules Relaxed For Small Businesses

Health and safety law reform sparked by the Pike River coalmine disaster has been reported back from the industrial relations select committee with weakened requirements on small businesses to appoint health and safety representatives and committees. More>>

ALSO:

Bearing Fruit: Annual Fruit Exports Hit $2 Billion For First Time

The value of fruit exported rose 20 percent (up $330 million) for the June 2015 year when compared with the year ended June 2014. Both higher prices and a greater quantity of exports (up 9.0 percent) contributed to the overall rise. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news