ASB has agreed to pay $135.6 million to settle a class action after it was accused of breaching its disclosure obligations under the Credit Contracts and Consumer Finance Act.

The case against ASB alleged failures to provide compliant written disclosure of loan variations to a significant number of customers.

ANZ is still hanging on as the remaining defendant of the class action.

Scott Russell, the lawyer representing bank customers in the class action, says the lawsuit against ANZ hasn't been dropped.

"We remain fully committed to our claim against ANZ...ANZ customers deserve a positive outcome similar to that."

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