Storm investors reach settlement with Macquarie
Macquarie Group has reached an $82.5 million agreement with members of the Storm Financial class-action, settling the litigation proceedings brought by Storm investors who had Macquarie margin loan facilities.
The settlement was reached with regard for the complex and unique features of the extensive litigation, according to a statement released to the Australian Securities Exchange (ASX) by Macquarie.
The settlement requires the approval of the Federal Court of Australia on application by the investors, according to Macquarie.
The $82.5 million settlement is inclusive of costs.
Macquarie said that after taking into account amounts expensed in prior years and other recoverable amounts, there will be no impact from the settlement on Macquarie's result for the year ended 31 March 2013, or any other subsequent period.
Macquarie said it will make no further comment as the settlement still requires Federal Court approval and there is other related ongoing litigation.
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