ANZ fees class action filed in NZ

The campaign to launch multiple class action law suits against New Zealand's banks over cheque dishonor and overdraft exception fees lodged its first legal action against ANZ in the High Court in Auckland on Tuesday.

Lawyer Andrew Hooker said the court proceedings included the claims of around 13,500 individual ANZ customers and 1800 small business customers with ANZ. The claimants had 30,000 accounts.

The campaign, which is funded by Australian class action specialists Slater and Gordon and Litigation Lending Services, has previously argued New Zealand's banks had overcharged their customers by NZ$250 million.

Hooker has argued the exception fees of up to NZ$30 per instance are far greater than the actual cost of reversing the transactions. ANZ NZ has said it will vigorously contest the legal action, which could take years to be completed.

The 'Fair Play on Fees' campaign has previously invited the banks to settlement talks without success and has said ANZ and other banks should immediately lower their fees to reduce the size of any future damages bills.

Hooker also called on customers from Westpac, BNZ, ASB and Kiwibank to sign up for further class actions to be announced in coming months. About 32,000 people had signed up to the class action, including 7000 since the action against ANZ was foreshadowed last week.

Hooker has previously said customers have been over-charged by around NZ$1000 to NZ$1500 each with fees on accounts going into overdraft and credit card accounts going over limits.

The campaign also announced the appointment of Bruce Gray QC as its lead counsel and barrister Daisy Williams, both from Shortland Chambers.