ANZ Bank New Zealand Limited (ANZ)

The Commerce Commission considered that ANZ engaged in conduct that was misleading or likely to mislead certain customers by understating the risks and/or overstating the benefits of interest rate swap agreements. The Commission and ANZ reached a negotiated settlement whereby ANZ agreed to pay up to $18.5 million to eligible customers and make in-court admissions that it engaged in misleading conduct. The High Court granted the Commissions application for a declaration that the banks conduct breached the Fair Trading Act 1986.