Opes Prime continues to haunt ANZ
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US law firm Vianale & Vianale has filed a lawsuit against the ANZ in the US as the nightmare that was Opes Prime continues to linger for the ANZ.
The lawsuit filed on 29 December 2008 on behalf of purchasers of ANZ Bank’s ADR’s during the period of 2 March 2007 to 27 July 2008 continues the debacle that was Opes Prime.
Vianale & Vianale allege ANZ’s top executives violated the US securities laws by failing to adequately disclose the range of risks that arose from loans to Opes Prime.
ANZ have announced that will defend the lawsuit.