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Macquarie Settles with Storm Investors

Macquarie Settles with Storm Investors

 Around 1000 investors who lost about $290 million when the Storm Financial, a Townsville-based financial services company folded in early 2009 have reached an out-of-court settlement with Macquarie Bank. They pursued a class action against the bank in the Federal Court in Brisbane, seeking compensation for losses incurred when they took out risky margin loans with the bank. However, after extensive discussions between the parties, Macquarie announced on Friday it had reached a settlement agreement worth $82.5 million, including costs of about $6.5 million. Read More

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