Euroz to defend legal claim by client

Perth-based Euroz Securities Ltd will "vigorously" defend a claim made by Dalkeith businessman Bruce Drummond, who claims the stockbroker provided poor advice in relation to the Opes Prime saga.

The company made an announcement this morning in response to an article published in The West Australian today, which reported that Mr Drummond, through his company Eric Preston Pty Ltd, had filed legal action in the Federal Court of Melbourne.

Mr Drummond claimed he lost a $7.8 million share portfolio in the collapse of Opes following advice from Euroz.

The newspaper reported that the legal action is the first aimed at stockbrokers who allegedly recommended the Opes facility to clients.

While Euroz pledged to defend the claim, it said it would be inappropriate to comment on the issue which is subject to court proceedings.

"We are confident that we have a strong legal position, that we have acted appropriately and will vigorously defend this claim," Euroz said in a statement.