Briefs: ANZ 'Ponzi' class action and AFMA CEO goes global

Banking Day staff Briefs
  • A group of Kiwi investors in the failed Ross Asset Management company have been given court approval to pursue their class action seeking over NZ$50 million from ANZ New Zealand. The group claims ANZ either knew or should have known that Wellington financial adviser David Ross was operating a Ponzi scheme, which collapsed in 2012. The High Court in Wellington has set a deadline of 31 January next year for eligible investors to join the class action, which is being funded by litigation funder LPF Group. ANZ said it strongly denied the allegation and would be defending the claim, reports
  • AFMA's CEO, David Lynch, has been elected Chair of the International Council of Securities Associations, the first Australian representative to hold the position. He succeeds Pierre de Lauzun from L'Association française des marchés financiers (AMAFI), the French securities industry body. ICSA is the primary global securities industry body, encompassing 19 securities industry associations from Asia, Europe and North America.