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flag Two New Zealand banks face a class action lawsuit over alleged financial missteps affecting 150,000 customers.

flag Two New Zealand banks, ASB and ANZ, face a class action lawsuit over alleged breaches of the Credit Contracts and Consumer Finance Act between 2015 and 2019, involving about 150,000 customers. flag The lawsuit accuses ANZ of a coding error and ASB of failing to provide proper disclosure for repayment changes, potentially undercharging fees and interest. flag The banks rejected a $300 million settlement offer, and if they lose, could owe hundreds of millions to affected customers. flag A proposed bill amendment could affect potential compensation amounts.

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