opes related the federal court today anz, page-58

Crucial difference between storm clients and opes clients.

Storm clients lost their money due to bad investment decisions - they agreed to borrow money against the sharemarket and lost out when it tanked. Commbank were complicit by allowing it (ie too much leverage) to happen

Opes clients lost their money due to deceptive and misleading conduct by Opes Prime which ANZ allowed to happen and happily funded (ie by promoting a scheme which everyone thought was one thing but was actaully the complete opposite). Clients lost their money through no fault of their own when a single Opes client was allowed too much leverage and ANZ grabbed everyone elses money to avoid a loss. I would suggest that many Opes clients were well in front on their investments at the time of collapse. ANZ gave birth, via Opes, to a product that no retail investor should have been offered and has yet to be offered anywhere else in the world.

CommBank was far less complicit in the Storm disaster but still have the guts to put their hand up and do the right thing. ANZ can learn a thing or two here.