Australia and New Zealand Banking Group Limited ("ANZ" or the Company) is a multinational banking and financial services company.

According to a law firm press release, the Complaint alleges that the Company and its top executives violated the federal securities laws. The Complaint charges that ANZ failed to adequately disclose the range of risks arising from its loans to Opes Prime Group Limited, an Australian stock brokerage firm that lent money to customers on margin. ANZ had lent hundreds of millions of dollars to this failed brokerage house, but without adequate disclosure of the risks the loans posed to ANZ. The day before the Company announced its losses stemming from exposure to Opes Prime, its stock (ADRs) closed at a high of $17.24. The following day, after ANZ's announcement, ANZ's stock price dropped to $14.57. ANZ's stock then traded at $9.90.

On April 1, 2009, a Case Management Order was entered by the court consolidating the actions and appointing Legacy Solutions, Inc. as lead Plaintiff. Stull, Stull & Brody was approved to serve as lead Counsel for all Plaintiffs in this Action and the class.

On May 12, 2009, Consolidated Amended Complaint was filed against the Defendants in this action.

On October 27, 2009, Stipulation and Order was filed that Defendant Ian J. Macfarlane is hereby dismissed as a party to this action without prejudice. However, if the Court dismisses this action with prejudice, Defendant Macfarlane's dismissal will be converted to a dismissal with prejudice.

On October 29, 2009, a revised amended class action Complaint was filed with the court against the remaining Defendants.

On December 14, 2009, an opinion and order was issued by the judge granting the Defendants' July 2, 2009 motion to dismiss the Complaint in its entirety.

On June 23, 2010, the Court issued an Order that dismissed this case with prejudice on the merits pursuant to Rule 41 of the Federal Rules of Civil Procedure, and that the parties will bear their own costs and attorneys' fees.