High Court approval of ASB settlement

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ASB Bank Limited has announced that the High Court has approved its settlement of class action proceedings related to the Credit Contracts and Consumer Finance Act 2003. The settlement, initially announced on October 7, 2025, involves ASB agreeing to pay $135,625,000, and this approval was granted on January 14, 2026. ASB makes no admission of liability in resolving this litigation.

Disclaimer*

ASB Bank Limited

20 January 2026

ASB Bank Limited

20 January 2026

ASB announces High Court approval of ASB settlement

ASB announced on 7 October 2025 that it reached a settlement 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. The settlement was subject to High Court approval. On 14 January 2026 the High Court approved this settlement.

In resolving the litigation ASB makes no admission of liability.

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For further information, please contact:

Ben Steed, HO Corporate & Governance, ASB Bank Limited
asbsecretariat@asb.co.nz

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