Top QC to lead charge against banks

Queens Counsel Bruce Gray. Photo NZ herald
Queens Counsel Bruce Gray. Photo NZ herald
High-powered QC Bruce Gray has been appointed lead counsel in a lawsuit targeting penalty fees charged by New Zealand's biggest banks.

Fair Play on Fees lawyer Andrew Hooker is to file the first documents in the case against the ANZ bank at 1pm in the High Court at Auckland today.

More than 32,000 people have registered to join the lawsuit, of which 13500 are individual customers of the ANZ and 1800 are small businesses.

The number of people signing up has grown by 7000 since ANZ was named last Tuesday as the first bank to be targeted.

Hooker said the filing of the court documents against the ANZ marked an important milestone in the case.

"Many people thought the case would not get enough support.

"Today we are here to say New Zealanders are behind the court action. Kiwis want heavy-handed and punitive behaviour from the banks to stop."

The ANZ has said it will vigorously defend the case.

The fees in question are those charged for unarranged overdrafts, bounced payments, late credit card payments and going over credit card limits.

Hooker claims the cost to the banks of the transactions is just a few cents compared with the fees of up to $30 being charged.

Hooker called on the ANZ and other banks to lower their penalty fees immediately.

"If they are not willing to do that then we urge bank customers to start putting pressure on their banks to do so."

Hooker has previously said all the major banks including Westpac, BNZ, ASB and Kiwibank are in his sights.

Hooker said the next bank to be served court documents would be announced in coming months.

People wanting to register to join the case can sign up at www.fairplayonfees.co.nz.

- Tamsyn Parker of the New Zealand Herald

Add a Comment

 

 

ev-and-hybrid-banner-updated_0.jpg

Our journalists are your neighbours

We are the South's eyes and ears in crucial council meetings, at court hearings, on the sidelines of sporting events and on the frontline of breaking news.

As our region faces uncharted waters in the wake of a global pandemic, Otago Daily Times continues to bring you local stories that matter.

We employ local journalists and photographers to tell your stories, as other outlets cut local coverage in favour of stories told out of Auckland, Wellington and Christchurch.

You can help us continue to bring you local news you can trust by becoming a supporter.

Become a Supporter