Tamsyn Parker

Tamsyn Parker is the NZ Herald's Money Editor

First bank to be named in fees lawsuit

More than 22,000 Kiwis have signed up to join a class action style lawsuit against banks. Photo/ Michael Craig
More than 22,000 Kiwis have signed up to join a class action style lawsuit against banks. Photo/ Michael Craig

The first bank to be taken to court in a law suit targeting "unfair" default fees is to be named today.

Auckland barrister Andrew Hooker launched a campaign in March called Fair Play on Fees to encourage people to come forward and take a class action style lawsuit against the banks.

At the time Hooker, who is backed by Australian law firm Slater & Gordon said all New Zealand banks were in its sights but it would primarily target the large Australian-owned banks ANZ, ASB, BNZ and Westpac as well as state-owned Kiwibank.

More than 22,000 Kiwis have signed up to join the action.

Hooker is due to name the bank and the lead plaintiffs who will represent the bank's customers in the legal action at a press conference at 1pm.

A similar case in Australia has targeted 12 banks including the big four, with the ANZ the first case to be pursued in court.

The Australian legal action has been going since May 2010.

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