ASB and ANZ have both rejected an offer to settle a class action lawsuit for more than $300 million. Photo:
ASB bank has rejected an offer to settle a class action law suit for historic breaches of credit disclosure laws.
The offer on behalf of more than 150,000 customers of the ASB and ANZ was to settle for just over $300 million.
ASB has joined ANZ in rejecting the offer as a move to influence MPs considering changes to the credit laws to close historic loopholes and bad drafting.
ASB said it did not understand how the offer had been calculated, and that it would not put an end to legal action.
The consumers' group said the proposed credit law changes might undermine their claim, while the industry said the loopholes posed a multi-billion dollar risk for the financial system.
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