Track the progress of the case
The Banking Class Action was served on ANZ and ASB on 29 September 2021.
Due to the value of the claims, their commercial nature and the public and private importance of the issues raised, the proceeding has been endorsed as a Commercial Panel case and has been allocated to experienced commercial Judge, Justice Venning.
As well as a statement of claim, the Class Action plaintiffs filed an application for a series of orders (Application) including:
Leave to bring representative proceedings on an opt out basis, orders relating to the notification of the claims to all class members and common fund orders (Class Issues);
Summary judgment (judgment on affidavit evidence, rather than after a full trial) on their own claims.
The plaintiffs requested that the Application be dealt with on a staged basis, with the Class Issues determined before the hearing of the summary judgment application. This approach is expected to be more efficient and has the benefit of ensuring that there is clarity as to plaintiffs prior to the hearing of the summary judgment application. The plaintiffs intention is that the summary judgment application will determine their claims against the defendants as well as key legal issues common to all class members.
On 28 January 2022, the plaintiffs filed an amended statement of claim and an amended version of the Application. The amendments were necessary primarily to take into account new information received from the Banks (and ASB in particular) in response requests by the plaintiffs.
What happens next:
The Class Issues will be argued in the Auckland High Court on 11 and 12 April 2022.
The defendant Banks are to file their statements of defence, notices of opposition to the Application and affidavits in relation to the Class Issues by 25 February 2022.
A hearing for the summary judgment application will be scheduled after the Class Issues have been determined.
This website will be updated to reflect developments as the Class Action progresses.
The Common Fund Orders provide that, in the event that the plaintiffs achieve a successful outcome, the costs of the litigation, together with the funders’ commission fee, will be deducted from the total sums paid by the defendants before the money is distributed amongst eligible class members.
To find out more about Common Fund Orders click here: