ANZ was David Ross’ banker and investors who lost money in his ponzi scheme say the bank should have known Ross was misapplying their funds.
ANZ has admitted that some archived documents it owned that may have contained information concerning fraudulent investment firm Ross Asset Management have 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.
More than 500 of those investors are suing ANZ, which was Ross’ banker, arguing the bank did or should have known Ross was misapplying their funds.
ANZ has been providing copies of documents relevant to the court case to the litigants, as part of a normal court-ordered disclosure process.