12 Mar 2013

Thousands sign up for bank fee legal action

1:52 pm on 12 March 2013

The organisers of a proposed lawsuit against the country's banks say more than 11,000 people have signed up to the class action since it launched on Monday.

A New Zealand lawyer Andrew Hooker, Australian class action experts Slater & Gordon and Litigation Lending Services are leading the Fair Play on Fees campaign.

The group said on Tuesday it has reached the minimum number of people needed to take the class action and is anticipating at least another 9000 people will sign up in the next day.

The organisers say up to 1 million New Zealanders could be eligible to claim back excessive default fees, estimated to be around $1 billion over the past six years.