ANZ strikes confidential deal to end lawsuit by ponzi scheme victims

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ANZ will not say how much it paid to end a lawsuit taken against it by victims of the Ross Asset Management ponzi scheme.

David Hallett/Stuff

ANZ will not say how much it paid to end a lawsuit taken against it by victims of the Ross Asset Management ponzi scheme.

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

More than 500 of investors were suing ANZ, which was Ross’ banker, arguing the bank did or should have known Ross was misapplying their funds.

But those investors have now released a joint statement with ANZ reading: “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.”

READ MORE:
* Ross Asset Management investors lay out claim against ANZ
* Victims of David Ross seek $80 million in damages from ANZ
* Angry investors in Ross Asset Management sue ANZ for more than $75 million
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Read full article at www.stuff.co.nz