ASB appeals class action lawsuit asking the bank to repay interest payments made by hundreds of thousands of customers between 2015 and 2019

ASB is appealing a High Court decision which permitted a broad class action lawsuit to be brought against the bank.

Arguments in the Court of Appeal began on Tuesday and will continue throughout Wednesday.

In September 2021, Australian litigation funder CASL and New Zealand litigation funder LPF Group brought a multi-million dollar class action claim against ANZ and ASB.

It argued the two banks should refund some 150,000 customers for interest payments they were not entitled to take and keep — as they had not sufficiently disclosed some changes.

The plaintiffs want to bring the case on behalf of all affected customers, not just those who have opted into the case.

ASB fights class action lawsuit in Court of Appeal | interest.co.nz