Court rules against ANZ in class action lawsuit
The High Court has ruled against ANZ in a class action lawsuit regarding disclosure failures, ordering the bank to repay borrowers.Summary
The High Court has ruled against ANZ in a class action lawsuit concerning breaches of the Credit Contracts and Consumer Finance Act 2003 (CCCFA). The court awarded summary judgment against the bank, finding that a coding error between May 2015 and May 2016 resulted in incorrect loan variation letters. Justice Geoffrey Venning determined that the affected information, particularly the changed repayment amounts, was incorrect by material margins and that ANZ failed to act responsibly. The court found ANZ breached section 22 of the CCCFA and directed the bank to refund the representative plaintiffs $32,728.42. The class action relates to approximately 17,000 customers who were undercharged. ANZ has estimated its maximum potential liability for costs of borrowing arising from this decision is approximately NZD$125 million. The bank stated it is considering the judgment and its potential next steps, including an appeal.
(Source：Rnz Co Nz)