Kiwis launch record class action lawsuit against big four

by Mackenzie McCarty12 Mar 2013

The big four banks, along with New Zealand's state-owned Kiwibank, are being sued for a collective NZ$1 billion (A$80 million) in a record class action lawsuit announced publically at a press conference yesterday, reports the New Zealand Herald.

The action is being led by kiwi lawyer Andrew Hooker, Australian class action experts Slater & Gordon and litigation funder Litigation Lending Services (NZ), who say more than one million New Zealanders are eligible to join in the lawsuit.

Fair Play on Fees Lawyer Andrew Hooker told the publication that banks have been overcharging Kiwi customers on default fees ‘for years’.

The fees are charged when customers overdraw their accounts, pay credit card bills too late, or bounce a cheque, he says.

read more > 1 2 3