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May 6th, 2013 
Peter Nolan
Updated
A group representing investors in the failed Storm Financial group says it hopes the latest settlement will encourage other banks to do the same.
The Federal Court has approved a deal that would see Macquarie Bank pay more than 1,000 clients back some of their money.
The Australian Securities and Investment Commission (ASIC) is still pursuing several banks for their role in the collapse of the Townsville-based company in 2009.
Mark Weir from the Storm Investors Consumer Action Group says he wants more information from ASIC on the current legal situation.
“It wasn’t clear from the Federal Court determination on Friday whether or not those people who were relying on ASIC have an opportunity to forgo their settlement and continue placing their hopes with ASIC’s case,” he said.
He says he hopes the deal will also encourage other groups such as the Bank of Queensland to reach a deal with investors.
“This is a fantastic outcome for those people, particularly the ones who funded the class action in the first place and look it’s having some spin-off in … that Bank of Queensland have come to the table and are in mediation,” he said.
Topics:
courts-and-trials,
banking,
consumer-protection,
activism-and-lobbying,
townsville-4810
First posted
Source Article from http://www.abc.net.au/news/2013-05-06/hope-for-storm-deal-to-spark-more-payouts/4671978
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