Misryoum reports the High Court ruled against ANZ in a large class action tied to mortgage disclosure failures from 2015 and 2016.
A major class action against ANZ has hit a setback after the High Court ruled against the bank.
In a decision described as a significant blow to the plaintiffs, the case centered on allegations that ANZ fell short on disclosure requirements connected to its mortgage lending.
Misryoum understands the claim was filed in 2021 and focused on ANZ loan disclosures from 2015 and 2016, with the class action seeking to hold the bank to account for those earlier practices.
ANZ said in a response to the market that it estimated its maximum liability from the decision to be about $125 million.
While ANZ indicated it is reviewing the ruling, it also signaled it is considering what steps to take next.
This outcome matters because class actions can reshape how banks document and present lending information, and the size of the estimated exposure highlights the stakes for both institutions and borrowers.
At this stage, the focus is on the implications of the judgment and whether ANZ will pursue an appeal.
Misryoum will continue to watch how the case develops, including any further legal moves that could affect similar claims and the broader approach to mortgage disclosure standards.