LOOSE CHANGE
LOOSE CHANGE
Banks in New Zealand may no longer be able to use exclusion clauses in foreign exchange contracts to escape liability, where they have failed to carry out contracts or acted outside terms. A High Court ruling clears the way for economist Allan Catt, a former International Monetary Fund official, to sue ANZ Banking Group for alleged negligence in managing a forex loan for the equivalent of New Zealand $650,000. He says ANZ had a duty to manage the loan properly in accordance with a computer model
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