ASB settles CCCFA class action for hefty $135.6m as ANZ fights on: lawyer

ANZ poised to fight class action as ASB folds. (Image: NZME)

Tue, 07 Oct 2025

A class action over alleged breaches of the Credit Contracts and Consumer Finance Act will continue against high-street lender ANZ, even as rival ASB arrives at a hefty $135.6 million settlement.ASB said it agreed to the settlement without admission of either liability or wrongdoing. It ended a four-year class action centred on disclosure obligations between 2015 and 2019.In July, BusinessDesk reported that both ANZ and ASB were offered the opportunity to settle the class action for a maximum of $309m. ANZ immediately rejected that offer,...

Subscribe to BusinessDesk

Stay informed on business, government and financial developments across New Zealand.

Deeply researched, twice-edited and fact-checked news
Annual subscribers also receive a complimentary subscription to The Wall Street Journal
Personalised email news alerts, plus gift up to 5 stories a month to non-subscribers

You can cancel anytime with two clicks, an email or a phone call.
Find out more.

We are serious about journalism.

Already a Subscriber ? Sign in here.

Name {{ registerForm.errors.get('name') }}

Email address {{ registerForm.errors.get('email') }}

Phone Number {{ registerForm.errors.get('phone') }}

Job Title {{ registerForm.errors.get('title') }}

Password Minimum password length of 8 characters.
Require at least one upper and lowercase, numeric, and special character. {{ registerForm.errors.get('password') }}

Repeat password {{ registerForm.errors.get('password_confirmation') }}

We had trouble validating your card. It's possible your card provider is preventing us from charging the card. Please contact your card provider or customer support.

Credit Card

Cardholder's name

{{ __(plans[index].name) | capitalize }} {{ plans[index].attributes.old_price | currency }} {{ plans[index].price | currency }}

All subscriptions auto renew but are easy to cancel.

I Accept The Terms Of Service

{{ registerForm.errors.get('terms') }}

Tax: {{ taxAmount(selectedPlan) | currency }}

Total Price Including Tax: {{ priceWithTax(selectedPlan) | currency }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerSeat ? '/ '+ spark.seatName : '' }} {{ selectedPlan.type == 'user' && spark.chargesUsersPerTeam ? '/ '+ __('teams.team') : '' }} / {{ __(selectedPlan.interval) | capitalize }}

Economy

Business confidence falls but inflationary pressures rise: NZIER

Firms’ hiring and investment intentions have also reduced.

Rebecca Howard 10:45am

The Quiz Free

QuiznessDesk, Tuesday, Oct 07

Can you get them all correct without cheating?

The Quizmaster 9:15am

Opinion

David Chaplin: In the KiwiSaver departure lounge

The number of members in all age cohorts below age 35 went down for the first time.

David Chaplin 5:00am

Sponsored

In a complex world, Kiwi investors can take comfort in mega forces

Enduring international forces bring clarity to uncertain times.

Blackrock

Sponsored

Fiji’s exclusive side revealed

Private islands and 5-star luxury, closer than you think.

Tourism Fiji

More Finance

Finance

ASB pays $135.6m to settle long-running CCCFA class action

High-street lender ASB has agreed to pay $135.6 million to settle a class action brought against it for alleged breaches of the Credit Contracts and Consumer Finance Act (CCCFA).The settlement – without admission of liability or wrongdoing – concluded four years of legal proceedi...

Staff reporters 9:29am