ANZ has declined a proposed settlement by lawyers leading a massive class action against the bank for giving customers the wrong information about their loans.

The lawyers asked ANZ to agree to pay a penalty of up to $300 million, on top of the $35 million it has already paid more than 100,000 customers to compensate them for the error.

ASB, which is also subject to the class action, is yet to respond to the proposal for it to also make a payment of up to $300 million.

NZ Herald Wellington business editor Jenee Tibshraeny explains further.

LISTEN ABOVE

ANZ has declined a proposed settlement by lawyers leading a massive class action against the bank for giving customers the wrong information about their loans.
The lawyers asked ANZ to agree to pay a penalty of up to $300 million, on top of the $35 million it has already paid more than 100,000 customers to compensate them for the error.
ASB, which is also subject to the class action, is yet to respond to the proposal for it to also make a payment of up to $300 million.
NZ Herald Wellington business editor Jenee Tibshraeny explains further.
LISTEN ABOVE

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Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers. Whether you’re a small business owner or interested in what’s going on in the Big End of Town, this podcast encompasses the sharpest voices and minds in the world of business.

Best of Business is the home of all things business at Newstalk ZB, from morning market updates right through to incisive interviews with New Zealand’s top business leaders and decision makers.

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Jenee Tibshraeny: NZ Herald Wellington business editor on ANZ declining offer to settle class action lawsuit

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/dddfa865-a40d-4a35-8ada-b31c007fc14a/transcript