ASB has agreed to pay $135.6 million to settle a class action after it was accused of breaching its disclosure obligations under the Credit Contracts and Consumer Finance Act.

The case against ASB alleged failures to provide compliant written disclosure of loan variations to a significant number of customers.

ANZ is still hanging on as the remaining defendant of the class action.

Scott Russell, the lawyer representing bank customers in the class action, says the lawsuit against ANZ hasn't been dropped.

"We remain fully committed to our claim against ANZ...ANZ customers deserve a positive outcome similar to that."

LISTEN ABOVE

ASB has agreed to pay $135.6 million to settle a class action after it was accused of breaching its disclosure obligations under the Credit Contracts and Consumer Finance Act.
The case against ASB alleged failures to provide compliant written disclosure of loan variations to a significant number of customers.
ANZ is still hanging on as the remaining defendant of the class action.
Scott Russell, the lawyer representing bank customers in the class action, says the lawsuit against ANZ hasn't been dropped.
"We remain fully committed to our claim against ANZ...ANZ customers deserve a positive outcome similar to that."
LISTEN ABOVE

With a straight down the middle approach, Heather du Plessis-Allan Drive on Newstalk ZB delivers the very latest news and views to New Zealanders as they wrap up their day.

Heather du Plessis-Allan Drive

Scott Russell: Lawyer involved in class action lawsuit against major banks on ASB paying $135.6 million to settle suit

https://api.omny.fm/orgs/7784f840-c291-422a-924b-ad9000bbad71/clips/5fbe40a8-58f5-4b9f-9536-b36f00650fc7/transcript

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