NZ Herald | 29 Sep, 2021 05:40 PM
A multi-million dollar class action lawsuit has been launched against the ANZ and ASB banks over claims they failed to fully refund around 150,000 customers for fees and interest earned on loans in which there were disclosure breaches.
The case is being taken by former Commerce Commission lawyer Scott Russell and barristers Davey Salmon, QC, and Ali van Ammers, and is being jointly funded by Australian litigation funder CASL and New Zealand litigation funder LPF Group.
Russell said the law was very clear.
"If a bank fails to comply with its disclosure obligations, it is not legally entitled to charge interest or fees on the affected loan until the failure is remedied.
"To the extent a bank receives interest or fees it is not entitled to, it must refund or credit those amounts to the customer as soon as practicable."
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