Victims of the Ross Asset Management Ponzi scheme have won a court battle to get a bigger payout.
Friday, January 7th 2022, 7:02AM
A group representing the majority of investors in Ross Asset Management have challenged the proposed payout and won a bigger share of the distribution.
The action was around how money from the successful class action against the ANZ bank for its failure to act on the Ponzi fraud of David Ross (pictured) was distributed.
Under the original proposal a minority of the 555 investors were to receive significantly more money than the other group.
“The smaller group will receive approximately four times as much for each dollar invested as the larger group,” Ross Asset Management Investors Group (RAMIG) spokesman Bruce Tichbon says.
“However, our initial calculations are that the disadvantaged majority of investors will be about 33% better off because of the court action they took.”
He describes the distribution decision as “a huge moral victory.”
Even though the distribution will still favour a minority of the 555 investors over the majority.
Tichbon said in her decision the judge changed a key parameter in the distribution calculation to be more favourable to the disadvantaged group. The judge also awarded costs to the RAMIG group who raised nearly $20,000 through crowd funding amongst themselves to pay for a lawyer to argue their case.
He says it shows “investors can stick up for themselves.”
After nine…