15/03/2010 - 08:52

Drummond appeals against Euroz finding

15/03/2010 - 08:52

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Perth businessman Bruce Drummond has lodged an appeal over a Federal Court decision that cleared Euroz Securities from allegations the broker did not advise of risks associated with Opes Prime.

Drummond appeals against Euroz finding

Perth businessman Bruce Drummond has lodged an appeal over a Federal Court decision that cleared Euroz Securities from allegations the broker did not advise of risks associated with Opes Prime.

Last month, Judge Tony Siopis dismissed Mr Drummond's application, which claimed that Euroz had failed to warn him of the risks of using margin lender Opes Prime, which collapsed in 2008 with about $1 billion of debt.

Mr Drummond had argued he had lost $4.7 million as a result of establishing an arrangement with Opes Prime.

The case was likely to set a precedent about whether other Opes Prime clients could pursue legal action against their investment advisers.

Euroz said in a statement today that Eric Preston Pty Ltd had lodged an appeal. Mr Drummond, a former car dealer, and his wife Judith, are the directors of Eric Preston.

Shares in Euroz were unchanged at $1.40 at 11:30 AEDT.

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