ANZ moves to defeat Ross Asset class action early
Five hundred investors have now signed up to the class action against ANZ, which alleges the bank breached its duties. The claim has been estimated at upwards of $70 million and is being defended by ANZ.
RAM, the country's largest Ponzi scheme, collapsed in late 2012. More than 800 investors believed more than $450 million was being managed on their behalf, but actual losses were closer to $100 million. About $10 million has been recovered.
The initial hearing is expected to take two days because rather than go directly to trial, the bank has opted to try and eliminate the investor group’s claim at a preliminary hearing scheduled for March.
The bank has already spent years fighting in court with the Financial Markets Authority, which in 2016 formed a view ANZ could be liable to investors and the regulator wanted to pass its information on. That information will be used if the case continues after this first hurdle.
Click the button below to subscribe and will have free unlimited access for a limited time to full article and all other articles on the site.
You will also be able to comment on articles on Good Returns.
![[The Wrap] What the heck is happening at the FMA?](https://goodreturns.publit.io/file/c_fill,w_300,h_200/a6c3bc06-6401-44de-96e2-286c090e132d.jpg)