In Simons & ors v ANZ & anor [2026] NZHC 11 the High Court (Venning J) on 19 January 2026 approved the settlement of the class action against ASB and distribution. ASB is to pay $135,625,000 which is then to be distributed:
(i) $4,744,186.66 to the funder LPF for Project Costs;
(ii) $28,856,250 to LPF as its funder fee being 21.78 per cent of the Resolution Sum
(iii) $30,000 to the ASB Representative Plaintiffs;
(iii) $130,000 retained for payment of legal and other costs incurred by the ASB Representative Plaintiffs in relation to the ASB Proceeding after settlement approval;
(iv) payment of the balance to “Eligible Class Members”.
ASB is to administer the process of distributing funds to the Eligible Class Members. The court retains a supervisory role. The judgment has attached to it a distribution scheme schedule about eligibility.
The claim continues against ANZ.
