High Court Issues Summary Judgement Against ANZ In Class Action Proceedings
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High Court Issues Summary Judgement Against ANZ In Class Action Proceedings
May 05, 2026 — 01:08 am EDT
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(RTTNews) - ANZ New Zealand (ANZ.AX, AN3PG.AX) announced that the High Court of New Zealand awarded summary judgement against the company in relation to the New Zealand Credit Contracts and Consumer Finance Act 2003 class action proceedings served on the company in September 2021. The Court found that the company breached section 22 of the Act. The company is considering next steps, including appeal.
The representative plaintiffs are entitled to payment of the costs of borrowing for the period of breach, being NZ$32,728.42. The company's estimate of its maximum potential liability for costs of borrowing arising from this decision is approximately NZ$125 million.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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