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ASB settles NZ loan lawsuit for $135.6M over disclosure issues, without admitting fault.
ASB has settled a class action lawsuit in New Zealand for $135.6 million over alleged loan disclosure failures between 2015 and 2019, without admitting fault.
The case, which centered on improper communication of loan changes under the Credit Contracts and Consumer Finance Act, has been ongoing for four years.
The settlement, subject to High Court approval, ends legal proceedings for ASB and provides closure for affected customers, though no action is required from them at this time.
The case against ANZ Bank continues, as it has rejected a prior $300 million settlement offer and maintains its defense.
The outcome could influence future banking practices and consumer protection standards in New Zealand.
ASB resuelve una demanda de préstamo de Nueva Zelanda por $135.6 millones por problemas de divulgación, sin admitir culpa.