US suit faced by ANZ

US suit faced by ANZ

As per the media reports, a class action has been brought against ANZ and top executives by US investors on the account of misleading conduct over the failed stock lender Opes Prime.

If adhered to ANZ spokeswoman, the claim had no foundation and the bank was trying hard to have the claim terminated.

Plaintiff Legacy Solutions has alleged that risk controls of ANZ over its stock lending operations were poor.

It has been learnt that with the aim to cover payments to creditors, ANZ and Merrill Lynch have clubbed in to present a settlement offer to the Opes Prime liquidators, with returns estimated at about 80 cents in the dollar.