Susannah Moran | April 12, 2008THE ANZ bank's endorsement of...

Susannah Moran | April 12, 2008

THE ANZ bank's endorsement of allegedly misleading and deceptive financial brochures relied on by Opes Prime clients is likely to prove crucial in determining whether an Opes Prime client can reclaim his shares now held by ANZ nominees, the NSW Supreme Court heard yesterday. Barrister Francis Douglas QC told the court the brochure had "emblazoned upon it the corporate logo of ANZ".

"The court would infer at this stage of proceedings that major corporations such as the ANZ do not allow their logos to be used without their consent, and consent would involve a review of the relevant document," Mr Douglas said. He is acting for two Opes Prime clients, Conquest Mining managing director John Terpu and Melewar Steel, who are trying to have millions of shares used as collateral for loans by Opes returned to them.

They say they were misled by the broker into believing they would retain ownership of their shares.

full article at http://www.theaustralian.news.com.au/story/0,25197,23526165-20501,00.html