The country’s registered banks have been accused of overcharging 1 million kiwis to the tune of $1 billion in default fees claimed by lenders over the past six years and face what’s being billed as New Zealand’s biggest class action. Auckland-based lawyer Andrew Hooker, Australian consumer law firm Slater & Gordon and Litigation Lending Services, a litigation funding firm, are …

The New Zealand dollar may fall this week, extending its decline in New York on Friday when US employment data added to signs the world’s largest economy is reviving. The New Zealand dollar recently traded at 82.06 US cents from 82.11 cents in New York on Friday, when it traded above 82.86 cents before the non-farm payrolls report. It may …

Wellington Drive Technologies, the unprofitable manufacturer of energy efficient motors, raised $4 million in a placement to institutions, managers and existing investors such as SuperLife Investments. The stock jumped when it came off trading halt following the statement. The Auckland-based company said it is making the placement in two tranches – 16 million shares in a private placement to institutions …