ASB has declined a proposal by plaintiffs to settle the current class action case against the bank.

The proposal was announced to media the day before the Select Committee hearings on the CCCFA Amendment Bill. In ASB’s view this is an obvious attempt to influence and distract from this process by attempting to reassure Government about the potential risk to New Zealand banks under this piece of law.

ASB does not understand the basis for the figures presented in the proposal or consider that they operate as an effective cap on the size of the plaintiffs' claim in the proceeding, including as the proposal is said to expire on 8 August 2025.

The settlement offer received provides no certainty to ASB or other banks which may become subject to similar class actions, or to the sector as a whole.

Home Page | Business | Previous Story | Next Story

Copyright (c) Scoop Media