Date set for ANZ/Beconwood case
A Melbourne-based small-cap investment company will soon begin proceedings in the Federal Court against ANZ Banking Group for the return of shares caught up in the Opes Prime Stockbroking collapse or $6 million in damages.
Beconwood Securities Pty Ltd and Beconwood Ltd, which are both controlled by Paul Choiselat, will begin proceedings in the Federal Court of Melbourne on October 8 for a 10-day trial.
A legal firm specialising in class actions, IMF (Australia), is funding the proceedings.
IMF executive chairman Rob Ferguson said the proceedings concern Beconwood’s entitlement to shares provided to Opes Prime Stockbroking pursuant to equity financing arrangements. Those shares were subsequently sold by ANZ following the collapse of Opes.
Ferguson said Beconwood’s claim seeks the return of its shares or damages of approximately $6 million.
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