Primebroker begins ANZ lawsuit
24 October 2011 Sydney
Image: Shutterstock
Primebroker has begun its lawsuit against ANZ, accusing the bank of misleading and deceptive conduct.
Principals of Primebroker Securities, Sal Catalano and Ian Pattison, say that ANZ and its agent, the insolvency specialist KordaMentha, led them to believe that Primebroker would be supported with an investment of $55 million that never materialised.
However, in July 2008, ANZ retreated from the proposed capital injection at Primebroker that led to the firm closing its doors - a move Catalano and Pattison claim resulted in them losing a business, Chimaera Capital, that KordaMentha had valued at $100 million.
Catalano and Pattison want the court to declare that ANZ's move to appoint receivers to Primebroker, as well as to companies the pair controlled that had indemnified Primebroker, was invalid, writes the Sydney Morning Herald, and are seeking damages, interest, costs, declarations, the removal of the receivers and managers: in short, they want the whole position back where they were in mid-2008.
Principals of Primebroker Securities, Sal Catalano and Ian Pattison, say that ANZ and its agent, the insolvency specialist KordaMentha, led them to believe that Primebroker would be supported with an investment of $55 million that never materialised.
However, in July 2008, ANZ retreated from the proposed capital injection at Primebroker that led to the firm closing its doors - a move Catalano and Pattison claim resulted in them losing a business, Chimaera Capital, that KordaMentha had valued at $100 million.
Catalano and Pattison want the court to declare that ANZ's move to appoint receivers to Primebroker, as well as to companies the pair controlled that had indemnified Primebroker, was invalid, writes the Sydney Morning Herald, and are seeking damages, interest, costs, declarations, the removal of the receivers and managers: in short, they want the whole position back where they were in mid-2008.
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