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Ross victims get green light to sue ANZ

Ross Asset Management investors have been approved to start their class action claim against ANZ.

Wednesday, August 14th 2019, 2:33PM

The claims will be heard as a representative action on behalf of all investors who choose to opt in.

The investors say ANZ breached its duties as banker to Ross Asset Management, the country's largest Ponzi scheme, which collapsed in 2012.

They also claim knowing receipt and dishonest assistance in relation to payments made by Ross Asset Management through ANZ.

More than two-thirds of eligible investors have joined the claim. Seven hundred clients were defrauded of more than $115 million.

They have a deadline of January 31 next year by which they must do so.

“We are very pleased to have these court orders granted so that all eligible investors have an opportunity to join the claim," group spokesman John Strahl said.

"Our legal advice remains that we have a very good case. We certainly look forward to seeing ANZ in court and shining a light on the behaviour that failed unsuspecting RAM investors. As the largest bank in New Zealand and one of the biggest fund managers it must have known how client accounts should have been operated and known that the way the RAM accounts were being operated was in breach of the laws. ANZ’s claim that it was also ‘misled’ thus holds no credibility.”

He said it was likely that given the time that had passed, some would want to wash their hands of the experience.

"Investors who wish to join the class action should sign up as soon as possible as only those that have signed up will be eligible for compensation if the case is successful.”

ANZ has claimed that it, too, was misled by Ross.

“ANZ strongly denies the allegations and will be defending the claim from the investors and the litigation funder.”

Tags: ANZ ponzi Ross Asset Management

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