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ANZ makes confidential deal with Ross victims

ANZ has made a deal to end a multi-million dollar lawsuit against it by victims of the Ross Asset Management ponzi scheme.

Monday, August 23rd 2021, 7:10PM 1 Comment

The bank and Ross Asset Management investors issued a joint statement saying: “The parties to a class action brought on behalf of investors in Ross Asset Management against ANZ have reached an agreed settlement.

“The parties acknowledge they were all misled by Ross.”

A class action made up of more than 500 investors were suing ANZ alleging the bank did or should have known Ross was misusing their funds.

ANZ was Ross's banker, and since the ponzi scheme collapsed fought a three-year battle with the Financial Markets Authority (FMA) around sharing files with investors.

The FMA won the proceedings which allowed the class action to proceed.

It was also revealed that ANZ had "unintentionally destroyed" some archived documents that may have contained information relating to Ross.

Investors wanted ANZ to pay them more than $75 million in damages, however in today's statement both parties said all matters relating to the settlement are confidential and will not be commenting further.

In total, around 700 investors lost more than $115 million when Ross Asset Management collapsed in 2012.

Ross was jailed in 2013 for 10 years and 10 months.

Tags: ANZ ponzi Ross Asset Management

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Comments from our readers

On 25 August 2021 at 8:46 am John Milner said:
Yet another major settlement has been made, under duress, by one of our "pillars" of the community. I wonder how the ESG fraternity feel about this.

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Last updated: 23 September 2021 8:11am

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