The settlement in the class action suit against ANZ Guam, filed in 2018 by bank customers with mortgage loans secured by real property, requires the bank to make payments for covered mortgage loans the borrowers have with ANZ Bank.
The plaintiffs, Ronald & Faafetai Parker and Tualagi Gaoteote, claim the bank did not follow the laws of the Truth in Lending Act when it failed to provide homeowners with accurate periodic statements and adequate notice when it changes the interest rates on adjustable rate mortgages.
The plaintiffs also claimed ANZ Bank charged excessive late fees.
According to a legal notice, the bank and the plaintiffs wish to avoid the costs associated with further litigation and have agreed to a complete and final settlement as set forth in a settle agreement that they have signed off on.
The legal notice of that agreement is now listed on talanei.com:
https://www.talanei.com/?adv=anz-class-action-suit-legal-notice
ANZ will make a payment in the amount of $1,500 for each of the covered mortgage loans the borrowers have with ANZ on real property in American Samoa.
There will be one payment per covered mortgage loan regardless of how many borrowers are on the loan.
Settlement Class Members with existing mortgage loan balances with ANZ as of the effective date shall receive credit to the mortgage loan account of the borrower on such loans. Settlement Class Members who no longer have balances on covered mortgage loans with ANZ as of the effective date will receive a check.
In addition, ANZ has agreed to make certain changes in how they handle the mortgage loans. These changes include:
- Enclosing with the monthly “Payment Due Notice” sent to borrowers a flyer which will include further explanation of “other charges”
- Changing the way that late fees are calculated
- Changing the form of notice of interest rate adjustment for adjustable rate mortgages to be in a form consistent with the templates provided pursuant to the Fair Lending Act
