ASB, ANZ offered settlement in class action stoush

Lawyers Scott Russell (l), Davey Salmon KC (c), and a borrower participating in the class action (r) appear before the select committee. (Image: BusinessDesk)

Pattrick Smellie

Wed, 16 Jul 2025

The ASB and ANZ banks are being offered a chance to settle a long-running class action for a maximum of $309 million over lending breaches that are the centre of controversial retrospective legislation.The offer was emailed to the media during a much-anticipated select committee hearing at Parliament.The ANZ immediately rejected the offer as a "stunt" intended to influence MPs because the lawyers bringing the class action feared not being paid for four years of work that the legislation would extinguish."The proposed settlement a...

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