Creditors face losses in Aussie brokerage collapse

Another one bites the dust

MELBOURNE – Unsecured creditors caught up in the collapse of stockbroker Opes Prime could lose up to half of their investment say receivers, as more clients seek legal action to prevent the sale of their shares.

Opes Prime, which was involved in the lending and borrowing of securities, owes more than $1 billion ($1.17 billion) to secured creditors – mainly the ANZ Banking Group Ltd and Merrill Lynch.

The accounts of up to 1200 unsecured Opes clients have been frozen.

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