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.
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