ANZ has agreed to a deal to pay 35 to 37 cents in the dollar to settle the dispute with Opes Prime in an offer that depends on snuffing out legal claims.
The $252 million payout, which would include a small contribution from Opes Prime's other lender Merrill Lynch (now owned by Bank of America), has been agreed to by the Opes committee of creditors and will go to a full vote of creditors after ASIC has tabled the offer.
The parties have been in mediation since mid-2008. Opes had collapsed in late March 2008 after ANZ and Merrill had seized $700 million worth of Opes' client stock under their lending agreements.
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