The ANZ has settled the multi-million dollar lawsuit brought by the victims of the Ross Asset Management ponzi scheme and where the 500 claimants accused the bank, which claimed to have accidentally destroyed RAM files, of knowing or should have known what was happening with the scheme.
The investors were seeking $75 million from the bank.
The investors have now released a joint statement with ANZ 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.”
“All matters relating to the settlement are confidential, and the parties will not be commenting further,” the joint statement said.
ANZ admitted that some archived documents it owned, which may have contained information concerning Ross Asset Management, had been “unintentionally destroyed”.
About 700 investors lost a total of $115 million when David Ross’ company collapsed in 2012 and was exposed as a ponzi scheme.
Ross was jailed in 2013 for 10 years and 10 months for his crimes.
The group of angry investors who took the lawsuit wanted ANZ to pay them damages of over $75 million.