ASB reaches agreement to settle CCCFA class action

7 October 2025 ASB reaches agreement to settle CCCFA class action A settlement has been reached in relation to the Credit Contracts and Consumer Finance Act 2003 (CCCFA) class action proceedings served on ASB Bank Limited (ASB) in September 2021, with ASB agreeing to pay $135,625,000. In agreeing to resolve the litigation ASB makes no admission of liability. The settlement is subject to approval by the High Court, and directions will be sought from the Court regarding the process for notifying class members about the settlement. ENDS For further information, please contact: Ben Steed, HO Corporate & Governance, ASB Bank Limited asbsecretariat@asb.co.nz