ASB settles, time to drop the retrospective law change

I have blogged previously on the disgraceful retrospective law change the Government is trying to put through Parliament, to protect the ANZ and ASB banks from a four year old class action lawsuit about their failures to comply with the Credit Contracts and Consumer Finance Act.

It has just been announced that ASB has just reached a settlement with the plaintiffs for $135.6m.

This means that the only beneficiary of the retrospective law change will be a single bank – ANZ. The already weak rationale for the law change is now even weaker.

The Government must drop this unprincipled and repugnant retrospective law change.