ING (ANZ) Investments Fail

ING & ANZ Funds Fail

Two ING (NZ) investment funds (now owned by ANZ), lost $630 million affecting almost 14,000 investors. 

The funds were sold as lower risk funds. ING paid out 60% of the fund's value on the condition investors give up their right to sue.

The banking ombudsman received greatest number of claims against one bank in its history, from ANZ frozen funds customers.

Investigation Findings

The Commerce Commission found the degree of investment risk stated by ANZ was misleading, and there was sufficient evidence to prosecute.

ANZ will pay a record $45 million as final settlement over misleading investors.

The commission says the  settlement is the best outcome for investors, compared to legal action.

It will take no further action.

Frozen Funds Group Trust

The Frozen Funds Group Trust exists to hold ING-ANZ publicly accountable, represent investor interests, and support the investigations.

The Frozen Funds trustees have decided to wind up the campaign  after obtaining an outcome of 95% of the initial investment.

The campaign shows what a small group of committed people can acheive.