anz blocked from selling

ANZ blocked from selling Opes Prime client shares
Posted 10 hours 46 minutes ago

Law firm Slater and Gordon has been granted a temporary order in the New South Wales Supreme Court to stop ANZ bank from selling the shares of an Opes Prime client.

The stockbroking firm went into receivership last Thursday and is under investigation by ASIC after irregularities were detected in a number of accounts.

Slater and Gordon's director Ken Fowlie says the Supreme Court action was taken after instructions from a significant Opes Prime customer.

"On instructions by a client of Opes Prime we sought an order in the Supreme Court of New South Wales this morning preventing ANZ or ANZ nominees from dealing with shares with which our client had pledged to Opes Prime as collateral for loans," he said.

Slater and Gordon says it has fielded a large amount of calls from disgruntled customers of the collapsed firm.

Mr Fowlie says a number of Opes Prime customers are exploring their legal options.

"We've been receiving a very strong stream of inquiry by people that have been affected by this," he said.

"We are taking instructions by those people and providing them with advice and assistance, whether or not there are further applications of the nature which we've brought this morning."

The matter is expected to be heard in the Supreme Court this afternoon.

Tags: business-economics-and-finance, industry, banking, australia, nsw

http://www.abc.net.au/news/stories/2008/04/02/2205816.htm?section=justin