A class action law suit against ASB and ANZ banks for overcharging customers is offering to settle its case for a payment of more than $300 million.
The case involved more than 150,000 customers affected between 2015 and 2019 when the two banks breached credit laws for not making proper disclosures resulting in overcharging of fees and interest.
The settlement offer was disclosed at the finance and expenditure select committee considering changes to the credit contracts and consumer finance act.
The consumer group claimed proposed changes to the act could potentially retrospectively undermine their legal action.
The banks have already paid more than $43 million for the breaches in a settlement with the Commerce Commission.
