Opes Prime client wins compensation
12 December 2010 Sydney
Image: Shutterstock
An Australian businessman is believed to be the first client to win compensation from the country's National Guarantee Fund following the collapse of Opes Prime.
The man deposited around AUS75,000 with the firm a few days before it collapsed. He has been paid out approximately AUS47,000.
Until now, all claims for compensation have been rejected by the National Guarantee Fund because of the way the company was structured - essentially monies paid to Opes Prime became the property of the firm and not the investor.
But in this case, the court found that the way the contract was structured meant that the money was effectively held in trust for the client.
Further claims are still outstanding.
The man deposited around AUS75,000 with the firm a few days before it collapsed. He has been paid out approximately AUS47,000.
Until now, all claims for compensation have been rejected by the National Guarantee Fund because of the way the company was structured - essentially monies paid to Opes Prime became the property of the firm and not the investor.
But in this case, the court found that the way the contract was structured meant that the money was effectively held in trust for the client.
Further claims are still outstanding.
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