No stopping Opes clients’ legal action

Lawyers pursuing class actions on behalf of clients of failed stockbroker Opes Prime have said that they will press ahead with their claims, ignoring pleas from the administrators that this would be unhelpful in mediation talks with bankers. Slater & Gordon has filed a claim on behalf of over 50 clients while IMF is organising legal action for around 60 clients although this has yet to be issued. Administrator John Lindholm is pushing clients to drop their cases and let mediation run its course. Slater and IMF have pointed out that any mediation can only recover the amount that ANZ owes to Opes Prime while some Opes clients were owed much more than the value of their portfolios when the broker collapsed.

Source: The Australian Financial Review