ANZ v FMA (breach of confidence) judgment

The applications for leave to appeal are dismissed. Costs of $3,500 are awarded to the respondent(FMA). See media release.

See the judgment.

The High Court decision was overturned by the Court of Appeal. The Court of Appeal held that there was a “good deal of evidence indicating that the first purpose was a genuine purpose”. 

See the COA judgement

ANZ sought leave to appeal the High court decision to the Supreme Court and to maintain confidentiality over the judgment. See media release.

The High Court held for ANZ that the proposed disclosure was outside the powers of the FMA. It did not consider that there were legitimate reasons for disclosure.

See the judgment

The High Court heard a judicial review application and breach of confidence claim by ANZ against the FMA, concerning the interpretation of our powers under s59 of the Financial Markets Act 2011.