2 Mar 2020

Strike-out action by ANZ Bank a 'delay tactic' - investors

From Morning Report, 8:37 am on 2 March 2020

The chair of the group taking a class action against the ANZ Bank says the bank's attempts to get the case struck-out is nothing more than a delay tactic.

More than 550 investors claim the bank knew Ross' accounts were being operated suspiciously, with money from the clients' investment account being used to pay back debt in another account, at least 100 times.

ANZ denies this, saying it too was misled by Ross, and it hopes to get the claim struck out.

But, John Strahl who is the chairman of the Ross Asset Management litigation committee, says he's confident the class action will make it to trial, despite the bank's attempt to squash it.

ANZ did not respond to RNZ's request for comment.