Banks class action: the lawyers blinked first

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)
Pattrick Smellie
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...

More Policy

LNG imports: Watts open-minded on scale
Policy

LNG imports: Watts open-minded on scale

Energy sector analysts fear a "small, cheap" option will push up the LNG price NZ pays.

Pattrick Smellie 09 Oct 2025
Adrian Orr launches new company as restraint of trade lifts
Economy

Adrian Orr launches new company as restraint of trade lifts

It’s been six months since his exit from the central bank.

Denise McNabb 07 Oct 2025
Auckland’s Milldale housing project approved
Policy

Auckland’s Milldale housing project approved

The project is the third approved since applications opened in February.

Michael Neilson 03 Oct 2025
Govt outlines strategy to deliver Defence Capability Plan
Economy

Govt outlines strategy to deliver Defence Capability Plan

The economy and NZ industry would be beneficiaries.

Staff reporters 03 Oct 2025