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Australia and New Zealand Banking Group (ASX:ANZ) begins what is expected to be a months long court battle today, as Primebroker Securities Limited takes the bank to the Supreme Court of Victoria.
The company, which has been in liquidation since 2008, has accused the bank of misleading and deceptive conduct.
Primebroker said ANZ led it to believe the bank would support their security lending business, and would invest $55 million into the Securities company. In July 2008, ANZ retreated from a proposed $55 million capital injection in Primebroker, leaving it in liquidation.
Now Primebroker is seeking damages, interest, costs, declarations and the removal of the receivers and managers.
ANZ however said there was never any binding obligation to invest.
ANZ recorded a net profit of $2.7 billion for the half year to March 31 this year.
News: ANZ Supreme Court battle begins
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