New Zealand loan holders launch legal action to force Australian-owned banks to refund fees

The Guardian Australia | 29 September 2021

Amount sought from ANZ and the Commonwealth Bank-owned ASB could be in excess of $100m

A New Zealand law firm has filed a multimillion-dollar class action against two Australian-owned Kiwi banks on behalf of 150,000 home and personal loan customers.

In Auckland high court proceedings, Russell Legal claims the customers are entitled to the return of interest and fees paid on loans taken out from ASB Bank, which is owned by the Commonwealth Bank, and the New Zealand arm of ANZ.

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