Bank fees target of legal threat

Bank penalty fees are the cause of legal action being taken on both sides of the Tasman. In addition to a $5billion class action suit started this week in Australia, two Christchurch law firms are planning a similar suit. Gary Wakefield from one of the firms, Wakefield Associates, told the Dominion Post that Kiwi banks had gouged customers the same way as the Aussie parent companies, with penalty fees estimated at $100 million a year in New Zealand alone.

The New Zealand case is being bankrolled by wealthy investors in return for a proportion of any compensation awarded.  Interest in the Australian case is very high, with the class action funder receiving 1000 calls an hour yesterday to their hotline.


0 Responses to “Bank fees target of legal threat”

  1. Leave a Comment

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

You can contact us at:

0800 FINSEC (0800 346 732)

Creative Commons License
Join Now 0800 FINSEC

RSS LabourStart – act now to help other workers

  • An error has occurred; the feed is probably down. Try again later.

Finsec Photos



%d bloggers like this: