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(17 May 2010 – USA) Three major ratings agencies and eight major banks have been subpoenaed by the New York Attorney General, Andrew Cuomo, as an investigation into possible misrepresentation were made about some securities backed by mortgages in order to improve their credit ratings gets underway.
(17 May 2010 – New Zealand) A class action similar to the A$5 billion lawsuit gaining rapid momentum in Australia will target the New Zealand subsidiaries of the big four; as claims the arise that the Kiwi’s have endured similar gouging to the tune of NZ$100 million (A$79 million) a year.
(14 May 2010 – Australia) The solicitors running the largest class action in history against Australia’s banks have had an overwhelming public response, with up to 500,000 expected to join the class action against local and foreign banks for repayment of dishonour and late fees.
(13 May 2010 – Australia) Australia’s banks look like they have a battle on their hands, as they come under attack for an estimated A$5 billion worth of excessive penalty and late fees charged over the last six years to consumers.
(12 May 2010 – Australia) David Anderson, former chief financial officer of MFS financial group (now renamed Octaviar) has told the Supreme Court that National Australia Bank ‘reneged’ on lending terms.
(12 May 2010 – Australia) Eddy Groves, former ABC Learning Centres chief executive officer, claims that the Commonwealth Bank of Australia mislead him over an extension on his line of credit, therefore forfeiting the bank’s claim over the Distinctive Homes Dome, the Supreme Court heard earlier this week.
(12 May 2010 – New Zealand) The Commerce Commission has concluded its investigation under the Credit Contracts and Consumer Finance Act (CCCF Act) into the mortgage break fees charged by banks when customers repay their fixed-rate loans early.
(4 May 2010 – USA) Goldman Sachs' CEO has said that his company bears some blame for the real estate bubble that led to the GFC.
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