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

 

Maritime: Navigation Safety Review Raises Big Issues For The Govt

Shipping Federation: "The reports makes it clear that the ratification of the Maritime Labour convention (MLC) is long overdue. Only when the MLC is ratified will Maritime NZ be able to inspect and enforce the labour conditions on international ships visiting our ports." More>>

ALSO:

100 Years After Einstein Prediction: Gravitational Waves Found

For the first time, scientists have observed ripples in the fabric of spacetime called gravitational waves, arriving at the earth from a cataclysmic event in the distant universe. This confirms a major prediction of Albert Einstein’s 1915 general theory of relativity and opens an unprecedented new window onto the cosmos. More>>

ALSO:

Farming: Alliance Plans To Start Docking Farmer Payments

Alliance Group, New Zealand's second-largest meat cooperative, plans to start withholding some stock payments to its farmers from next week to bolster its balance sheet and force suppliers to meet their share requirements. More>>

ALSO:

Gambling: SkyCity First Half Profit Rises 30%, Helped By High Rollers

SkyCity anticipates the Auckland business will benefit from government gaming concessions which were triggered on Nov. 11 in recognition of SkyCity’s $470 million Convention Centre development. Morrison said the concessions would allow the Auckland business to lift its activity during peak period, noting it had a record revenue week over the Christmas and New Year period. More>>

ALSO:

Money For Light: Kiwi Scientists Secure Preferential Access To Synchrotron

Science and Innovation Minister Steven Joyce today announced a three-year investment of $2.8 million in the Australian Synchrotron, the largest piece of scientific infrastructure in the Southern Hemisphere, to secure preferential access for Kiwi scientists. More>>

Telco Industry Report: Investment Hits $1.7 Bln A Year

Investment in the telecommunications sector is $1.7 billion a year, proportionately one of the highest levels in the OECD, according to a report released today on the status of the New Zealand sector. More>>

ALSO:

PGPs: New Programme Sets Sights On Strong Wool

A new collaboration between The New Zealand Merino Company (NZM) and the Ministry for Primary Industries (MPI), announced today, aims to deliver premiums for New Zealand's strong wool sector... More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news