opes prime contracts sloppy

ANZ could be in some trouble.

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Opes Prime contract was 'sloppy', court hears
Posted 15 minutes ago

Map: Melbourne 3000
The Federal Court has heard there are problems with a contract between failed Melbourne broker Opes Prime and its client Beconwood Securities.

The contract is at the heart of a test case against Opes Prime and its key backer, the ANZ Bank.

The case could determine whether Opes Prime investors are entitled to compensation, for millions of dollars worth of shares, sold off after the broker collapsed last month.

Justice Ray Finkelstein told the court Opes Prime's securities lending contract with Beconwood had all the hallmarks of sloppy drafting.

The Court heard the contract bound Beconwood to provide collateral and fees to Opes Prime when it borrowed shares, but there was no reciprocal agreement for lending shares to Opes.