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New Zealand High Court Rules Against ANZ New Zealand in Class Action Suit

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-- ANZ Group Holdings (ASX:ANZ, NZE:ANZ) said the High Court of New Zealand on Monday ruled that ANZ Bank New Zealand breached the Credit Contracts and Consumer Finance Act 2003 in class action proceedings served in September 2021, according to Tuesday filings with the Australian and New Zealand bourses.

The court held that the representative plaintiffs are entitled to payment of the costs of borrowing for the period of breach, or NZ$32,728.42. The bank is considering how this judgment may apply to other members of the class. It expects the maximum potential liability for costs of borrowing arising from this decision to be around NZ$125 million.

The bank is mulling its next steps, including filing an appeal.

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