Radio NZ | 29 September 2021
A multi-million dollar class action claim has been filed in the Auckland High Court against Australian-owned banks ANZ and ASB for their failure to refund fees to 150,000 customers.
The class action against ANZ and ASB was being brought under the Credit Contracts and Consumer Finance Act (CCCFA) for the banks failing to fully refund customers' interest and fees they were not entitled to charge due to breaches of their disclosure obligations.
The class action was being jointly funded by Australia-based litigation funder CASL and New Zealand litigation funder LPF Group.
Class action solicitor Scott Russell said the banks previously admitted liability and paid back some millions to customers as part of a public settlement with the Commerce Commission, but that did not stop customers from taking a private action against the banks.
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