Two of Australia’s “big four” banks are facing a multi-million dollar claim in New Zealand for not refunding more than 150,000 customers the interest and fee charged following an alleged breach in disclosing changes to loan agreements.
The class-action lawsuit said Kiwi units of Commonwealth Bank of Australia and Australia and New Zealand Banking Group did not clearly inform customers a change in some terms of home and personal loans and claimed that during the period the lenders cannot charge on a loan.
