ANZ New Zealand Faces Potential NZD$125m Liability After Class Action Ruling

ANZ Group Holdings ( (AU:ANZ) ) has issued an update.

The High Court of New Zealand has issued a summary judgment against ANZ Bank New Zealand Limited in a class action relating to alleged breaches of the New Zealand Credit Contracts and Consumer Finance Act 2003. The court found ANZ NZ breached section 22 of the Act and ordered payment of NZD$32,728.42 in borrowing costs to the representative plaintiffs for the period of breach.

ANZ NZ is now assessing how the ruling may apply to other members of the class, with a maximum potential liability for borrowing costs estimated at approximately NZD$125 million. The bank is considering the judgment and its next steps, including a possible appeal, signaling potential financial and reputational implications as it manages regulatory compliance and customer remediation in the New Zealand market.

More about ANZ Group Holdings

ANZ Bank New Zealand Limited is a major New Zealand banking subsidiary of ANZ Group Holdings, one of Australasia’s largest financial services institutions. The bank provides a broad range of retail and commercial banking products, including lending, deposit, and transactional services to consumers and businesses across New Zealand.

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