Investors in the failed Ross Asset Management scheme have been told they have a "serious claim" against the ANZ which could run as high as $50 million, depending on how many sign up.

Earlier this month investors in RAM - New Zealand's largest ponzi scheme - filed legal action against New Zealand's largest bank over how it managed the accounts for the failed firm.

They allege ANZ breached its duties as banker to RAM for negligence in managing the Ross Asset Management bank accounts and for actions known as "knowing receipt" and "dishonest assistance".

The ANZ has said it was

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