The case against ANZ by investors in Ross Asset Management, who were claiming in excess of $50 million against the bank has ended in a confidential ‘agreed settlement’
Investors in the failed Ross Asset Management (“RAM”) Ponzi scheme have “reached an agreed settlement” with ANZ Bank that ends a case in which investors were claiming more than $50 million from New Zealand’s largest bank. The case against ANZ alleged that it breached its duties as banker to RAM, that it was negligent in managing the RAM bank accounts and for actions of knowing receipt and dishonest assistance in relation to payments made by RAM through the ANZ. LPF Group funded the investors’ claim. More from interest.co.nz.