ANZ cuts deal in long-running farm swaps case

Fri, 24 Jul 2020

ANZ Bank New Zealand cut a deal with a Taranaki farming family willing to pursue it through the courts over the way it sold interest rates swaps. Sharon and Stephen Coomey and their Bushline family trusts sought compensation from ANZ, claiming the bank misrepresented the effect of the swaps and what terms it had committed when the $19.5 million loan was agreed in 2008. The swaps had been used to help finance a $7.3 million farm as well as refinance almost $12 million of existing debt. The Coomeys had been long-standing customers of ANZ an...

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