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Liquidators for Ross Asset Management file proceedings against investors
The liquidators for Ross Asset Management have filed legal proceedings against 10 former investors as it gets closer to paying jilted investors in the country's biggest ever Ponzi scheme.
In their latest report on the Ross group, PwC's John Fisk and David Bridgman said 158 investors in the scheme have settled with the liquidators, totalling $17.5 million, and leaving 43 outstanding claims. Of those outstanding, the report says the liquidators have filed proceedings against 10 former investors and are still in negotiations with the rest.
Fisk and Bridgman offered to settle with 160 investors for a total $21.6m after a Supreme Court ruling in May let Wellington lawyer Hamish McIntosh keep the principal he invested in Ross Asset Management, but return the fake profits.
Read the full article by Paul McBeth > The New Zealand Herald - nzherald.co.nz