More than half of the eligible investors in Ross Asset Management (RAM) have now committed to taking legal action against ANZ bank over how it managed the accounts for the failed financial advice firm.

A statement of claim was filed at the High Court in Wellington on July 12 with the backing of around 200 investors.

John Strahl, spokesman for the investors, said that number had grown to around 350 as of Friday and he remained confident "many more will join".

The investors allege ANZ breached its duties as banker to RAM for negligence in managing the Ross Asset Management

Advertisement
Advertisement