Court of Appeal hands customers of ANZ, ASB a huge victory in class action case
2 months ago
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Source: www.lawfuel.com
TL;DR
A major win in the legal case against New Zealand's largest banks – ANZ and ASB – now means over 100,000 customers will automatically be included in a class action which could potentially see thousands get refunds of interest and fees paid over a nine-year period on their home loans. The Court of Ap...
A major win in the legal case against New Zealand's largest banks – ANZ and ASB – now means over 100,000 customers will automatically be included in a class action which could potentially see thousands get refunds of interest and fees paid over a nine-year period on their home loans. The Court of Appeal said the opt-in approach "has the effect of frustrating access to justice by placing unnecessary hurdles in front of those who are entitled to be members." Scott Russell stated: "This is a major victory which significantly strengthens our case. The court's decision to approve our request for the legal case to be run as opt-out is groundbreaking. It removes a significant barrier for consumers and means if we are successful, ANZ and ASB will be held liable for every eligible customer that was allegedly impacted when the banks breached New Zealand consumer protection laws.