ACT New Zealand Economic Development Spokesman John Boscawen today welcomed the announcement by the Australia and New Zealand Banking Group (ANZ) that it had reached a record $45 million settlement with the Commerce Commission over losses suffered by investors in ING’s Regular Income Fund (RIF) and Diversified Yield Fund (DYF).
“This settlement follows a two year investigation by the Commission into ING’s alleged breaches of the Fair Trading Act. On average it represents a further seven cents in the dollar on top of earlier payouts of either 60c or 62c per dollar for each of the funds’ investors,” Mr Boscawen said.
“While many investors will feel that a more substantial settlement should have been given, I feel happy for those ING investors who will receive additional compensation.
“The consistency of investors’ stories was impressive and I repeatedly heard from those that suffered losses that they had acted on the advice of ANZ, who said that investment in ING’s funds was as safe as a bank. Since being elected to Parliament I have fought for the rights of those investors who suffered losses from this bad advice.
“I congratulate the Commission on its investigation and the result it achieved. I particularly pay tribute to those members from the Frozen Funds Group who campaigned up and down the country for proper compensation from ANZ/ING.
“I doubt if such a substantial settlement would have been achieved, let alone such a thorough investigation completed, if it has not been for the publicity the Frozen Funds Group managed to generate,” Mr Boscawen said.
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[...] A Big Win For ANZ/ING Investors A Press Release published by John Boscawen at 6:07pm on 22 Jun 2010 in the following categories: Commerce . [...]