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Opes test case kicks off

Opes test case kicks off

The much-anticipated battle between stockbroker Euroz and car dealer Bruce Drummond kicked off in the Federal Court on Monday.The trial is expected to serve as an important test case for actions…

The much-anticipated battle between stockbroker Euroz and car dealer Bruce Drummond kicked off in the Federal Court on Monday.

The trial is expected to serve as an important test case for actions against stock brokers following the Opes Prime collapse.

As reported in The West Australian, Drummond is alleging that he was given unsound advice when, on the advice of Euroz broker Richard Caldow, his family company's $7.8 million share portfolio switched its financier from Leveraged Equities to Opes Prime. The portfolio was subsequently lost in the Opes collapse.

There is a second claim against Euroz in the pipeline. It is being brought by Western Australian businessman Hilton Oscar Yelverton.

The outcome of the two-week trial is likely to become a precedent for potential actions against other stockbrokers in the wake of the Opes downfall.

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