The cost to ANZ of meeting its share of the settlement with the creditors of Opes Prime is likely to work out at $180 million of the $253 million agreed with the liquidator of the firm, the Sydney Morning Herald reported. This is a little less than some estimates of ANZ's share of the bill published over recent weeks.ANZ confirmed the aggregate bill for the settlement of $253 million on Friday. Merrill Lynch, the second of two financiers backing the securities lending activities of Opes, will foot most of the remainder of the settlement, while the bank's will release assets seized by receivers (mainly cash) as well.The proposed settlement is subject to a scheme of arrangement, including court approval, that will resolve all claims against ANZ and Merrill. The Australian Securities and Investments Commission said it provided the necessary releases to allow the settlement offer. This principally releases ANZ and Merrill from civil action for operating an unregistered managed investment scheme.ANZ will also have incurred additional costs in responding to the many legal claims arising from the failure of Opes 12 months go, as well as the cost of reorganising the relevant businesses under ANZ Custodial Services.There was no word from ANZ on Friday in relation to the insurance cover it holds against these losses, but the insurer, whoever it is, is likely to cover many of these losses.ANZ did say in its trading update two weeks ago that it planned to claim under insurance on a separate loss relating to the bail of out an ING managed fund in New Zealand.