ASB to settle class action for more than $135 million

A group called Banking Class Action brought the case in 2021 against ASB and ANZ relating to home and personal loans between June 2015 and 2019.

Banking Class Action alleged ANZ and ASB breached section 22 of the CCCFA by failing to provide proper disclosure information to customers who made agreed changes to their loans and whether one potential interpretation of the CCCFA legislation was the correct one.

The case is seeking repayment of interest and fees paid by ANZ and ASB customers on their loans, which it alleged they were not liable to pay and the banks were not entitled to receive under the CCCFA because the banks failed to meet their disclosure obligations to their customers. 

The case against the ANZ is continuing and the bank is defending the claim.