Commerce Commission fines BNZ $5 million
Tuesday, July 18, 2006 The New Zealand Commerce Commission has fined the Bank of New Zealand (BNZ). It has been forced to pay NZ$5 million in compensation to its customers, $500,000 in fines and $80,000 in costs to the Commerce Commission. The money will be placed into a bank account to be monitored by an auditor, and if there is any money left over it will be donated to a consumer organization. BNZ has been…