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Two New Zealand banks face a class action lawsuit over alleged financial missteps affecting 150,000 customers.
Two New Zealand banks, ASB and ANZ, face a class action lawsuit over alleged breaches of the Credit Contracts and Consumer Finance Act between 2015 and 2019, involving about 150,000 customers.
The lawsuit accuses ANZ of a coding error and ASB of failing to provide proper disclosure for repayment changes, potentially undercharging fees and interest.
The banks rejected a $300 million settlement offer, and if they lose, could owe hundreds of millions to affected customers.
A proposed bill amendment could affect potential compensation amounts.
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Dos bancos de Nueva Zelanda enfrentan una demanda colectiva por presuntos errores financieros que afectan a 150.000 clientes.