ANZ settles fees lawsuit in NZ
Two months after an Australian court ruled in favour of ANZ in a class action claim alleging unfair fees, ANZ has settled a similar lawsuit in New Zealand without admitting any liability.The Fair Play on Fees consortium made up of New Zealand lawyer Andrew Hooker, Slater & Gordon and Litigation Lending Services issued a joint media statement with ANZ New Zealand on Wednesday afternoon, saying they settled the class action law suit on September 29.They said ANZ had made a contribution to Fair Play on Fees's legal costs."ANZ does not admit any liability and all claims against it will be withdrawn," ANZ said, adding the details of the settlement were confidential.Hooker was not available for comment on whether the Fair Play on Fees associated cases lodged against National Australia Bank's BNZ, Westpac New Zealand and Kiwibank would proceed, or also be settled. The court proceedings against BNZ, Westpac and Kiwibank have been suspended since the ruling in favour of ANZ in Australia in July. Fair Play on Fees launched class actions in 2013, alleging the fees charged by banks were excessive and could add up to NZ$1 billion. It had estimated its legal costs at NZ$3 million to NZ$4 million.The joint statement was issued by New Zealand law firm Bell Gully, which represented ANZ in the case.