ASIC welcomes Opes Prime settlement
The Australian Securities and Investments Commission (ASIC) has welcomed the court approval of the schemes of arrangement forcing ANZ Bank and Merrill Lynch to pay $226 million to Opes Prime liquidators. The settlement and recovered assets will bring the total amount available to former investors to $253 million.
Opes Prime clients and liquidators must release ANZ and Merrill Lynch from any legal claims as part of the settlement.
ASIC will release both banks from potential legal claims relating to compensation for their alleged involvement in contravening the managed investment provisions of the Corporations Act, and a civil penalty and compensatory action against ANZ and Opes Prime directors.
ASIC stated that the settlement achieved the purpose of the mediation and avoided the need for costly legal action.
ASIC imposed an enforceable undertaking on ANZ Custodial Services in March in relation to its investigation into the collapse of Opes Prime.
AUTHOR
Benjamin Levy
Recommended for you
As the government announces a public inquiry into the collapse of Dixon Advisory, risk adviser Richard Silberman has detailed the three areas that typically lead to an AFSL's collapse.
With a growing number of advisers now running their own business, they need to pivot their career identity to being a business owner rather than just as a financial adviser if they want to futureproof their business.
Zenith Investment Partners has launched a range of new managed account portfolios over the past quarter, including on Insignia Financial’s Expand platform.
The financial services technology firm has officially launched its digital advice and education solution for superannuation funds and other industry players.
