It is 100% guaranteed that ANZ will face a legal challenge. There are several litigation angles and I can't believe they are exposing them to it in addition to the massive reputation risk given that the entire Opes client list would happily repay their loans and even pay a surcharge to cover ANZ losses. It points to how desparate they are to avoid a writedown which makes me wonder if they have any more they might be exposed to. I am going to be telling everyone I know to stop using their products and close their accounts. I would also suggest that shareholders consider their holdings because when the class action(s) start ANZ will be a prime target for the hedge fund shorters.
