“Didn’t even know this was going on, thought someone accidentally put it in my account.”
Several others wrote about receiving the payment.
“Just found this thread searching to confirm that the $571 in my account is, in fact, from that class action and not a bank error or something. An email giving us a heads up would be nice, but I’m not going to complain too loudly!”
ANZ was also the target of a class action lawsuit alongside ASB in 2021, with ASB settling in October and ANZ continuing to fight. Photo / Alex Burton / Portable Images
ASB agreed in October to pay $135.6m to settle the class action, subject to approval from the High Court.
The Australian-owned bank settled after four years of court action over allegations ASB failed to provide compliant written disclosure of loan variations to a significant number of customers.
The affected customers had requested changes to their lending arrangements between June 6, 2015, and June 18, 2019.
As part of the settlement, ASB made no admission of liability or wrongdoing.
The settlement divided those eligible for payments into two groups, an ASB spokeswoman said this morning.
“We began making payments and communicating this in February. We expect this process to be completed by November this year, depending on our ability to contact class members.
“In the meantime, there is nothing customers need to do.”
ASB chief executive Vittoria Shortt said in October the settlement was a “pragmatic way to settle this matter”.
Scott Russell, the lawyer representing the ASB plaintiffs, said at the same time the settlement provided “certainty, avoiding what would otherwise be a very long and expensive fight through the courts”.
ANZ is continuing to fight the class action claim that it also breached the CCCFA between May 30, 2015, and May 28, 2016.
The Banking Class Action was filed in 2021 on behalf of New Zealand ANZ and ASB customers, making it one of the country’s largest class action lawsuits.
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