Federal Court has today announced to adjourn the class action lawsuit by Opes Prime investors against the failed stockbroker, ANZ Bank and investment bank Merrill Lynch. The court has adjourned the lawsuit until August 21 for a further hearing. Opes Prime, which specialized in the borrowing and lending of securities, collapsed on March 27 after cash and stock movement irregularities were uncovered in a small number of accounts.
Law firm Slater & Gordon has launched a claim for more than $100 million on behalf of more than 50 former clients of Opes Prime. The lawsuit brought the charges of negligence and breaches of corporations law.
About 1200 Opes clients lost shares they had placed with Opes in return for margin loans, when the major secured creditors of Opes - ANZ, Merrill Lynch and Dresdner Kleinwort - began selling a pool of nearly $1.6 billion in shares in a bid to recover money owed to them by Opes.
Source: The Sydney Morning Herald
Filed under Class Action, Shareholder Lawsuit | Tags: ANZ Bank, Breaches of corporations law, Claim, Federal Court, Lost, Merrill Lynch., negligence, Opes Prime investors, Securities, Slater & Gordon, Sydney | Comment Below
Related?
OPES plea to the Federal Court regarding the ANZ and Merrill Lynch lawsuit September 2nd, 2008 OPES has decided to ask the Federal Court to throw out the $100 million-plus class action launched by Slater & Gordon on behalf of more than 50 clients of the collapsed broker. The law firm has lodged the complain that the two OPES client ANZ and Merrill Lynch entered into what they thought were margin lending agreements, in which they would retain beneficial ownership of shares pledged as collateral.
Slater and Gordon reopens lawsuit Opes Prime and creditorsOctober 25th, 2008 Opes Prime Stockbroking Ltd is to face class action once again. Melbourne-based Slater and Gordon has re-opened its $100 million class action against Opes Prime Stockbroking Ltd and its creditors ANZ Banking Group Ltd (ANZ) and Merrill Lynch.
Lawsuit over black money abroad adjourned to JulyMay 4th, 2009 NEW DELHI - The Supreme Court Monday adjourned till the third week of July the hearing of a lawsuit seeking directions to the government for retrieving Indian black money stashed abroad. A bench of Chief Justice K.G.
25 lawyers to defend former Satyam officialsJanuary 11th, 2009 HYDERABAD - A battalion of 25 lawyers will defend disgraced former chairman of Satyam Computer Services B. Ramalinga Raju and two other accused in the Rs.70 billion ($1.43 billion) fraud case.
Plaxico Burress to make NYC court appearance, but gun case to be adjourned until SeptemberJune 15th, 2009 Burress to show in NYC court, case to be adjournedNEW YORK — Former New York Giants wide receiver Plaxico Burress is scheduled to make a court appearance Monday. But he'll have to wait a few months until he knows the legal consequences of shooting himself with an unlicensed pistol.
Lahore High Court adjourns hearing of Hafiz Saeed's detention caseMay 16th, 2009 LAHORE - The Lahore High Court has adjourned the hearing of a habeas corpus petition against the detention of Jamat-ud-Dawa (JuD) Chief Hafiz Saeed till May 21. The High Court bench comprising Justice Ijaz Ahmad Chaudhry, Justice Hasnat Ahmad Khan and Justice Zubda-tul-Hussain adjourned the hearing after counsels of both the sides concluded their arguments, The News reports.
Still no plea deal: Burress lawyer says gun case to be delayed until SeptemberJune 12th, 2009 Burress gun case to be adjourned until SeptemberNEW YORK — Former New York Giants wide receiver Plaxico Burress will have to wait a while longer before he knows the legal consequences of accidentally shooting himself with an unlicensed pistol. Defense lawyer Benjamin Brafman said Burress will appear in court Monday for a brief hearing.
Charges framed against Abu Salem in fake passport caseJanuary 28th, 2009 HYDERABAD - A city court Thursday framed charges against mobster Abu Salem in a fake passport case and adjourned the trial to Feb 27. The special court for the Central Bureau of Investigation (CBI) cases framed the charges against Abu Salem.
