[The Wrap] Woes continue for ANZ
It seems problems keep mounting up for ANZ with news today investors in New Zealand's biggest ponzi scheme, Ross Asset Management, has started legal action against ANZ.
Friday, July 12th 2019, 4:50PM 
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This case is highly curious as the Financial Markets Authority took action against ANZ as RAM's banker. This case was shrouded in secrecy until earlier this year.
Essentially ANZ was trying to stop the FMA from releasing the results of its investigation to other parties.
Now that the RAM investor group has the information it has formed the view it has a strong case to take to triall.
ANZ, not surprisingly, says it too was mislead by Ross and that it will defend the allegations.
The FMA, said in a release today, that it supported the investors taking legal action.
FMA chief executive Rob Everett says: “For the past three years, the FMA has been responding to ANZ’s legal challenge to enable us to engage with and provide relevant information to Ross Asset Management investors.
This latest news is likely to fire more calls for some sort of banking enquiry in New Zealand.
While the FMA often gets criticised for its actions, its work here should at least earn it some accolades from critics.
| « Ross investors launch action against ANZ | Mann on a mission to diversify financial advice » |
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