Opes Prime Collapse Finally Over
Monday July 27, 2009
A settlement has been reached in the Opes Prime claims dealings with the creditors of the collapsed stock-lending firm voting to accept a $253 million settlement. The claims were from Opes Prime's bankers, ANZ and Merrill Lynch. As a result of this settlement, the court action against the banks is now over in relation to the Opes Prime case.
Opes Prime collapsed in March 2008 after a number of financial discrepancies appear in several accounts of the borrowing and lending securities business. When the collapse occurred, Opes Prime owed clients about $585 million with approximately 1200 clients losing shares that had been placed through Opes Prime.
The settlement is still in early stages with the predicted result being creditors to be paid 37 cents in the dollar and paid a dividend before Christmas this year although it is still too early in the settlement to give a figure for this dividend. This is due to the fact that claims values still need to be determined.
The alternative to accepting this settlement offer was for creditors to pursue ANZ Bank and Merrill Lynch in the courts which settlement supporters stated was a far too uncertain and lengthy process.
Compare Australia's range of banks and service here on Banks.com.au and see if you are getting the most from your bank
News Archive
2012
2010
2009
- December [5]
- November [8]
- October [10]
- September [9]
- August [14]
- July [10]
- June [9]
- May [3]
- April [9]
- March [9]
- February [13]
- January [15]
2008
- December [39]
- November [48]
- October [78]
- September [45]
- August [39]
- July [62]
- June [30]
- May [42]
- April [30]
- March [50]
- February [25]
- January [33]