ASB joins ANZ in rejecting $309m class action settlement offer

ASB has rejected a proposed settlement offer. (Image: Getty)

Fri, 18 Jul 2025

ASB has joined ANZ in rejecting a settlement proposal to end a long-running class action claim over lending breaches.The claimants emailed details of the offer, for a maximum settlement of $309 million, to the media during a meeting of the Finance and Expenditure Select Committee on Wednesday. The tussle over the Credit Contracts and Consumer Finance Amendment (CCCF) Bill has pitted litigation funders allegedly representing "potentially hundreds of thousands of New Zealanders” against the two banks over lending and loan document...

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