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Etymologies
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Examples
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"'Opes' (then Cronulla coach and close ally Chris Anderson) told me to just let my football do the talking."
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There was a dining room in college that had a famous stone hearth that read "Ubi Amici Ibidem Sunt Opes": where there are friends, there are riches.
Kerry Saretsky: Franglais : Saffron-Soaked Clams Bouillabaisse (RECIPE) 2010
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The settlement gives former Opes clients 40% of their investment as of March 2008, when the brokerage went under, the Australian Securities and Investments Commission, the country's corporate regulator, said Friday.
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"Weighing up the benefits of litigation against those risks, ASIC believes that a compromise settlement which is acceptable to Opes Prime creditors and approved by the court makes commercial sense," the agency's chairman, Tony D'Aloisio, said in a statement.
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ANZ and Merrill Lynch were lenders to Opes when it foundered.
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Founded by a former ANZ executive, Opes pledged clients 'shares as collateral for loans from ANZ, putting the bank in a legal fight with Opes's former customers when it collapsed last year.
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The Australian bank, known as ANZ, said the proposed settlement still needs the approval of Opes creditors and a court.
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Australia & New Zealand Banking Group Ltd. and the liquidators of Opes Prime agreed to compensate clients of the failed brokerage 253 million Australian dollars ($161.2 million), potentially ending an awkward episode for one of Australia's largest banks.
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The crisis has also led to the high-profile collapse of a number of Australian stockbrokers with heavy margin-lending portfolios, including Opes Prime and Storm Financial.
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ANZ said the settlement gives Opes clients 80% of their holdings as of late October, a date set by an Australian court.
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