interesting read

A US-based litigation firm is funding a class action which Opes Prime shareholders are bringing against the failed stockbroker and the ANZ bank.

Opes Prime was placed into receivership in March and is being investigated by Australian Securities and Investments Commission after irregularities were found in some accounts.

ANZ sold millions of dollars worth of shares immediately after the collapse.

Slater and Gordon lawyer James Higgins has told ABC Radio's AM program that the US based litigation funder, Commonwealth Legal Funding, has agreed to fund the class action.

Mr Higgins says the legal proceedings should begin within weeks.

"We've been contacted by in excess of 130 people with in excess of $150 million worth of losses," he said.

"At least 80 of those have expressed an interest in having their actions funded by the litigation funder, and we've sent out funding agreements to those people from Commonwealth Legal Funding in order for them to consider their position."