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Saturday, October 16, 2021

Australian CBA, ANZ sued New Zealand for refund of interest

Two of Australia’s “big four” banks are facing multimillion-dollar claims in New Zealand for failing to repay interest and fees to more than 1.5 million customers for allegedly violating loan agreements.

The class-action lawsuit alleges that the Kiwi units of the Commonwealth Bank of Australia and the Banking Group of Australia and New Zealand did not explicitly report changes in some home and personal loans to customers and claimed that donors could not charge for this period.

“The bank’s failure to repay the buyers is a serious violation of the provisions of the Credit Contracts and Consumer Finance Act 2003 (CCCFA).

The Commonwealth Bank (CBA) logo is pictured at the Bank of Australia headquarters in Sydney on February 15, 2017. (Jason Reed / Reuters, file photo)

A number of lawsuits have been filed against Australian banks and financial institutions and they have had to settle millions of rupees since a Royal Commission of Inquiry found widespread mismanagement in the sector in 2018.

ANZ said it would defend the resolution because it was a historic issue with a historic payment, which was reported to the Commerce Commission in 2017 and was later settled.

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The spokesperson said, “ANZ thinks we have fairly remedied our customers and the matter has already been the subject of regulatory supervision and resolution.”

The CBA did not respond to a request for comment.

ANZ customers who took loans between May 30, 2015 and May 28, 2016 may be eligible to participate in the claim, while customers of CBA-owned ASB Bank who took loans between June 6, 2015 and June 18, 2019 may also be eligible.

The lawsuit was funded by CASL, an Australian-based litigant, and LPF Group of New Zealand.

Written by Eternal Condition and Byron Kaye

Reuters

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This News Originally From – The Epoch Times

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