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Firms consider action against Opes

SLATER & GORDON is considering taking action against collapsed stockbroker Opes Prime, after having received numerous enquires from disgruntled clients.According to the firm, Opes Prime…

user iconLawyers Weekly • 15 April 2008 • NewLaw
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SLATER & GORDON is considering taking action against collapsed stockbroker Opes Prime, after having received numerous enquires from disgruntled clients.

 
 

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According to the firm, Opes Prime clients are saying that they weren’t aware that the stockbroker could use shares, pledged as collateral, to secure loans with third parties. The firm is now in the process of looking at the nature of the disclosures given to the clients and the potential causes of actions against Opes Prime and third parties, and also at possible sources of compensation for those who have lost shares.

Last week the firm, acting for an Opes Prime client, wonan injunction preventing Opes Prime’s major creditor, ANZ Bank, from selling shares the client had places with the stockbroker, The Sydney Morning Herald reported. Similar attempts to get injunctions by other groups of investors, however, have been unsuccessful.

Litigation-funding firm IMF (Australia) is also considering bring a class action against Opes Prime, The West Australian has reported.

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