Banks class action: the lawyers blinked first

Four years of unpaid legal fees up in smoke if a retrospective law change goes through. (Image: NZME)

Thu, 17 Jul 2025

Welcome to the biggest game of chicken in town.A small army of lobbyists has been working for months on behalf of both the banking sector and class action litigation funders representing tens of thousands of ANZ and ASB bank customers.The bank lobbyists have been trying to preserve a long-sought win that retrospectively amends the Credit Contracts and Consumer Finance Act 2003 (CCCFA) to kill off a class action against the two banks for minor loan and documentation errors made in the mid-2010s.The litigation funders, who have been working for t...

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