Govt backs down on retrospective law change

Law News reports:

The government has ditched retrospective legislation that would have hobbled a multi-million banking class action, accepting a Parliamentary select committee’s advice to back down rather than pursue the controversial change.

Scott Simpson announced the U-turn on Monday after Parliament’s Finance & Expenditure Select Committee outlined its position on the retrospective provisions of the Credit Contracts and Consumer Finance Amendment (CCCFA) Bill.

“Through the select committee process, it was suggested that ongoing court cases be exempt from these provisions. The committee considered this carefully and recommended that approach, and the government parties agree,” Simpson said.

Pleased to see the Government do the right thing. The CCCFA law was a bad law. However it was the law of the land, and ANZ didn’t comply with it, and has to face the legal consequences of that. You don’t retrospectively change the law to kill off a lawsuit that has been active for four years.