EQC Interest on Money Claims

Given the delay in EQC settling claims from the Canterbury earthquakes, payments to homeowners made by EQC after 1 January 2018 may be eligible for interest under the Interest on Money Claims Act 2016.

Grant Shand Barristers & Solicitors launched this class action on June 2021. We believe homeowners should be paid interest under the Interest on Money Claims Act 2016 as compensation for EQC’s delay in making payments to settle claims.

What is this EQC Interest on Money Claims Class Action about?

EQC has taken far too long to make payment and settle many of the Canterbury earthquake claims. It has now been more than 10 years since the main earthquakes hit the Canterbury region, and yet EQC has still not paid and settled all claims, in fact claims continue to be re-opened today and EQC continues to make payment for claims that were originally made many years ago.

These delays by EQC in making payment and settling claims are subject to s10 of the Interest on Money Claims Act 2016, where it says that an award of interest is payable as compensation for a delay in the payment of money.

We believe homeowners affected by EQC’s delay in payment are entitled to interest under the Interest on Money Claims Act 2016. If you were not fully and correctly paid and settled by EQC by 11 February 2021 you may be able to join this EQC Interest on Money Claims Class Action.

Can I join the EQC Interest on Money Claims Class Action?

To be able to join this class action you need to ensure that you meet all of the qualifying criteria listed below (taken from the [draft] application to the Court for a Representative Order)

  • (1) An owner, or former owner, that holds the rights to EQC claims in relation to a residential building that was insured by s18 of the Earthquake Commission Act 1993 during the Canterbury Earthquake Sequence that commenced on 4 September 2010 and ended on 23 December 2011.

  • (2) The residential building suffered natural disaster damage in an earthquake in the Canterbury Earthquake Sequence.

  • (3) Claim(s) made to EQC for the natural disaster damage.

  • (4) EQC accepted the claim(s) for natural disaster damage.

  • (5) EQC assessed the claim(s) for natural disaster damage.

  • (6) EQC did not finally settle the claim(s) under s29 of the Earthquake Commission Act 1993 before 11 February 2015.

  • (7) EQC after 11 February 2021 has made a payment to the owner/former owner, or is liable to make a payment to the owner/former owner, for claim(s) for the natural disaster damage.

  • (8) There is no binding settlement agreement between EQC and the residential building owner/former owner in respect of all claim(s) made for the natural disaster damage.

Frequently Asked Questions (FAQs)

How much will it cost me to join this EQC Interest on Money Claims Class Action?

We will charge you a simple and clear fixed fee that we will deduct off any settlement. We will never ask you to pay us any money, and if the minimum fixed fee is greater than the amount due to you, then there is no charge.

Group members will have no liability for legal costs if the class action is unsuccessful.

This class action is currently not funded by a litigation funder; however, this may change as the case develops. If this class action does become funded by a litigation funder it will not change the fee structure that is detailed in the Fees section below (but you may need to complete a funding agreement with the litigation funder).

How much money will I get?

It is impossible at this stage to provide any specific figure on what you could expect to receive.

This is due to a variety of factors that are unique to each homeowner’s situation (for example how much EQC has already paid you, the area of land damaged, the costs to repair the land, etc.).

What are the chances for success for the EQC Interest on Money Claims Class Action?

Our team is confident that the case has strong merits, however litigation is inherently risky and it is not possible to predict the outcome, or how long the case will take.

What are the benefits of a class action?

Running each individual claim through the courts would be costly and time consuming.

Being able to combine class member’s claims that involve common questions of fact and law, reduces the average cost of litigation by only addressing the common issues once at trial, instead of multiple times.

Does it cost anything to register?

No, it costs nothing to register.

Will registering mean I become a client of Grant Shand Barristers & Solicitors?

No, registration will not make you a client of Grant Shand Barristers & Solicitors. It just gives us a way to keep you informed about developments and the progress of the class action.

Our Fees

We will charge you a simple and clear fixed fee that we will deduct off any judgment or settlement. We will never ask you to pay us any money, and if the minimum fixed fee is greater than the amount due to you, you will not receive anything and there will be no fees applicable.

Our Simple Fixed Fee Structure

  • If judgment/settlement sum is $1,000 or less, then you will not receive anything and there will be no fees applicable.

  • If judgment/settlement sum is between $1,001 and $5,000, our fixed fee is $1,000.
  • If judgment/settlement sum is between $5,001 and $10,000, our fixed fee is $1,500.
  • If judgment/settlement sum is between $10,001 and $20,000, our fixed fee is $2,500.
  • If judgment/settlement sum is between $20,001 and $40,000, our fixed fee is $5,000.
  • If judgment/settlement sum is greater than $40,001, then our fixed fee is $7,500.

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