Appeal Court puts ANZ back in the gun over interest rate swaps

Mon, 24 Jun 2019

By Paul McBeth June 24 (BusinessDesk) - The Court of Appeal has overturned a ruling that ANZ Bank New Zealand doesn't have to compensate a Taranaki farming family for the way it had represented the risk attached to interest rate swaps. The High Court turned down a bid by Sharon and Stephen Coomey and their family trust - Bushline Trustees - for compensation over the way ANZ sold the swaps in 2008. Although the court found the bank had misrepresented the effect of combining floating rate loans with fixed rate swaps, no legal liability fol...

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