ASB Bank agrees to pay $78.89m to settle lawsuit

The bank maintains that “it makes no admission of liability.”

ASB Bank Limited (ASB) has agreed to pay NZ$135.63m (approximately US$78.78m) in relation to a class action lawsuit for alleged breaches to the Credit Contracts and Consumer Finance Act 2003 (NZ), according to a filing at the NZX, New Zealand’s national stock exchange.

In a statement, ASB— a wholly-owned subsidiary of the Commonwealth Bank of Australia— said that in agreeing to resolve the litigation, it makes no admission of liability.

In May 2021, ASB Bank Limited admitted that it failed to ensure that its systems and processes were sufficient to ensure that required information was given to over 73,000 home and personal loan customers who made changes to their loans, according to a statement by the Commerce Commission New Zealand.

At the time, the bank agreed to repay NZ$8.1m to the customers who may have been affected by the breach.

The NZ$135.62m settlement is subject to approval by the High Court of New Zealand.

(US$1 = NZ$1.72; as of 7 October 2025, Morningstar via Google)