ASB Bank Limited Class Action Update – Court of Appeal Decision
2024年7月19日 - 7:49PM
RNS Regulatory News
RNS Number : 0847X
ASB Bank Limited
19 July 2024
ASB Bank Limited
19 July 2024
Class Action Update - Court of Appeal
Decision
As previously disclosed, proceedings were served
on ASB Bank Limited (ASB) on 29 September 2021 by plaintiffs
seeking to bring a representative (class action) proceeding against
ASB in the High Court of New Zealand. The proceedings relate to
ASB's compliance with parts of the Credit Contracts and Consumer
Finance Act 2003 (CCCFA) which requires variation disclosure to be
issued when customers and ASB make agreed changes to loan
agreements captured under the CCCFA.
On 23 and 24 April 2024, the New Zealand Court
of Appeal heard ASB's appeal from an earlier High Court decision
permitting the plaintiffs to pursue their claims as an opt-out
representative proceeding on behalf of a class. On 19 July 2024,
the Court of Appeal confirmed the earlier Court's decision to allow
the plaintiffs to bring the action against ASB as an opt out
representative action.
The parties have until 16 August 2024 to apply
to the Supreme Court of New Zealand for permission to appeal
against the Court of Appeal's decision.
The plaintiffs' class definition covers all
customers who had a home or personal loan with ASB between 6 June
2015 and 18 June 2019 covered by the CCCFA and who were not
provided with compliant variation disclosure. Given this definition
and the fact that issues raised in the claim have not been
determined by the Courts before, the size of the class is unknown.
However, the class and the allegations made in the proceedings
would potentially cover hundreds of thousands of loans.
In their claim, the plaintiffs argue that ASB is
not entitled to retain any interest or fees paid by any class
member for the period during which it is alleged that ASB did not
provide, and has not provided, compliant variation disclosure under
the CCCFA. ASB denies that the relief sought by the plaintiffs is
available to them and is vigorously defending the
proceedings.
It is not possible to determine the ultimate
impact of this claim, if any, on ASB.
END
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