Judge keeps Ross ponzi class action alive

Tue, 05 May 2020

The High Court at Wellington has declined ANZ Bank’s attempt to get a suit from more than 500 investors of failed Ross Asset Management thrown out early. Justice Jillian Mallon ruled today that the $80 million class action must go to trial. The investor case alleges David Ross’s former bank, ANZ, knew certain payments misapplied RAM client funds and the bank dishonestly assisted RAM's breaches of trust, benefited from charging fees and interest through RAM's misused overdraft, and breached a duty of care in negligence. Ross Asset Mana...

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