Court appearance for failed Australian stockbroker
Updated
Lawyers for collapsed Australian stockbroker, Opes Prime, have appeared in court, to defend a $A100 million ($US95 million) class action by investors.
Opes Prime collapsed in March, owing its 1,200 clients hundreds of millions of dollars.
Documents tendered to the Federal Court allege Opes Prime misled clients about the nature of its share lending contracts.
The action, against the broker and its key backers, is on behalf of more than 50 investors - whose combined losses are estimated at more than $US95 million.
The parties will return to court next month.
