1 00:00:00,160 --> 00:00:03,400 Speaker 1: Now am Z and ASB may have to refund interest 2 00:00:03,560 --> 00:00:06,400 Speaker 1: to more than one hundred thousand customers with home loans. 3 00:00:06,400 --> 00:00:09,000 Speaker 1: This is a Court of Appeal decision today that customers 4 00:00:09,000 --> 00:00:12,200 Speaker 1: are automatically included in the class action lawsuit rather than 5 00:00:12,880 --> 00:00:15,400 Speaker 1: it being opt in. They have to opt out to 6 00:00:15,400 --> 00:00:18,320 Speaker 1: get out of it now. For Kun Cannon is a 7 00:00:18,400 --> 00:00:20,800 Speaker 1: class action lawyer at Kun Cannon Partners and with us 8 00:00:20,840 --> 00:00:23,640 Speaker 1: right now, for Neula, Hello, hi herether, how are you 9 00:00:23,960 --> 00:00:25,680 Speaker 1: very well? Thank you? You actually know what the banks 10 00:00:25,680 --> 00:00:26,360 Speaker 1: have done wrong here? 11 00:00:27,320 --> 00:00:30,560 Speaker 2: Yes, they have failed to comply with their disclosure obligations 12 00:00:30,600 --> 00:00:33,880 Speaker 2: under the Triple CFA, the Credit Contracts and Consumer Finance Act. 13 00:00:34,240 --> 00:00:35,839 Speaker 1: Yeah, and what does that mean for my wallet? 14 00:00:37,080 --> 00:00:39,720 Speaker 2: What it means is that when you're making decisions about 15 00:00:39,720 --> 00:00:42,320 Speaker 2: your finances, you don't have all of the information, So 16 00:00:42,360 --> 00:00:45,040 Speaker 2: you don't know exactly what your bank is charging you, 17 00:00:45,159 --> 00:00:45,800 Speaker 2: when and why. 18 00:00:46,240 --> 00:00:48,120 Speaker 1: And so if you went into the home loan deal 19 00:00:48,159 --> 00:00:50,040 Speaker 1: without knowing the full information, they've got to give you 20 00:00:50,080 --> 00:00:50,839 Speaker 1: money back, do they. 21 00:00:51,960 --> 00:00:54,200 Speaker 2: Well, that's one of the issues here there is on 22 00:00:54,280 --> 00:00:57,920 Speaker 2: what basis do banks and other lending institutions when they 23 00:00:57,920 --> 00:01:00,440 Speaker 2: breach the Triple CFA, On what basis do they have 24 00:01:00,480 --> 00:01:04,840 Speaker 2: to compensate consumers, And this claim alleges that what they 25 00:01:05,319 --> 00:01:07,160 Speaker 2: have to do is give you back all seas and 26 00:01:07,280 --> 00:01:10,000 Speaker 2: interest for the whole period that they're in default. 27 00:01:10,240 --> 00:01:11,440 Speaker 1: WHOA, how much might that be? 28 00:01:12,520 --> 00:01:14,600 Speaker 2: Well, I understand it's in the hundreds of millions. I'm 29 00:01:14,600 --> 00:01:18,000 Speaker 2: not involved in the case directly, but the allegation is 30 00:01:18,040 --> 00:01:20,600 Speaker 2: that there are hundreds of millions of dollars at stake 31 00:01:20,640 --> 00:01:22,200 Speaker 2: are in this camp per customer. 32 00:01:22,200 --> 00:01:24,080 Speaker 1: This could be tens of thousands of dollars. 33 00:01:23,800 --> 00:01:25,440 Speaker 2: Right, that's right. 34 00:01:26,000 --> 00:01:29,640 Speaker 1: Okay, So if we are now all opt in, right, 35 00:01:29,840 --> 00:01:32,800 Speaker 1: you are in there regardless sorry it's opt out. You're 36 00:01:32,840 --> 00:01:34,800 Speaker 1: in regardless of whether you know about it or not. 37 00:01:35,040 --> 00:01:37,240 Speaker 1: Do dispent teach potentially make it one of the biggest 38 00:01:37,240 --> 00:01:38,319 Speaker 1: class actions in the country. 39 00:01:38,360 --> 00:01:42,120 Speaker 2: No, yeah, absolutely. It's a hugely significant decision from the 40 00:01:42,120 --> 00:01:45,360 Speaker 2: Court of Appeal and a really important decision in terms 41 00:01:45,360 --> 00:01:48,240 Speaker 2: of moving the dial for access to justice because we know, 42 00:01:48,520 --> 00:01:52,240 Speaker 2: and the Court of Appeal was really clear that making 43 00:01:52,240 --> 00:01:56,480 Speaker 2: things difficult for consumers frustrates access to justice by putting 44 00:01:56,760 --> 00:02:00,360 Speaker 2: unnecessary hurdles in front of people. Who is, banks have 45 00:02:00,400 --> 00:02:02,720 Speaker 2: admitted from the fact that they've breached you know, have 46 00:02:02,920 --> 00:02:07,880 Speaker 2: entitlements here. So it's a really important procedural decision. Maybe 47 00:02:07,880 --> 00:02:10,040 Speaker 2: only the lawyers will get excited about it, but it's 48 00:02:10,040 --> 00:02:14,360 Speaker 2: really important that customers will be able to participate in 49 00:02:14,400 --> 00:02:17,440 Speaker 2: this claim without the procedural hurdles of having to join 50 00:02:17,480 --> 00:02:18,519 Speaker 2: and opt in proceeding. 51 00:02:18,680 --> 00:02:20,880 Speaker 1: How do you know if you're an ASB customer or 52 00:02:20,880 --> 00:02:23,960 Speaker 1: A and Z customer, whether you whether you're do some dollars? 53 00:02:24,880 --> 00:02:27,359 Speaker 2: So there are a time periods that apply. You need 54 00:02:27,400 --> 00:02:31,440 Speaker 2: to have been a mortgage customer. There's I think, look, 55 00:02:31,440 --> 00:02:34,880 Speaker 2: it's not my case, Heather, but there isn't a website 56 00:02:34,880 --> 00:02:37,960 Speaker 2: where people can go and find information about the case 57 00:02:38,040 --> 00:02:41,600 Speaker 2: and get more information about what their rights might be. Things. 58 00:02:41,639 --> 00:02:43,600 Speaker 2: Important point is if they don't have to do anything 59 00:02:43,639 --> 00:02:47,760 Speaker 2: at this point, heither that the case will continue and 60 00:02:48,160 --> 00:02:54,000 Speaker 2: there will be decisions made and judgments will will proceed 61 00:02:54,040 --> 00:02:56,359 Speaker 2: without having to people to take active steps at this point. 62 00:02:56,560 --> 00:02:58,560 Speaker 1: Yeah, good stuff. Hey, I really appreciate your time. That's 63 00:02:58,560 --> 00:03:02,040 Speaker 1: Fornula can and who's a class action lawyer. So these 64 00:03:02,040 --> 00:03:04,880 Speaker 1: are the periods if you're an ASB Bank customer with 65 00:03:05,000 --> 00:03:07,760 Speaker 1: a home loan between the sixth of June twenty fifteen 66 00:03:08,160 --> 00:03:11,200 Speaker 1: and the eighteenth of June twenty nineteen, you could be impacted, 67 00:03:11,440 --> 00:03:13,320 Speaker 1: and an A and Z customer between the sixth of 68 00:03:13,400 --> 00:03:15,639 Speaker 1: June twenty fifteen and the twenty eighth of May twenty 69 00:03:15,720 --> 00:03:18,760 Speaker 1: sixteen you may be impacted as well. 70 00:03:18,880 --> 00:03:22,040 Speaker 2: For more from Hither Duplessy Allen Drive, listen live to 71 00:03:22,160 --> 00:03:25,200 Speaker 2: News Talk said B from four pm weekdays, or follow 72 00:03:25,200 --> 00:03:27,000 Speaker 2: the podcast on iHeartRadio.