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Storm Financial litigation settlement approved

The Federal Court has today approved the settlement agreed to by the Bank of Queensland and ASIC, which will see the bank pay $17 million in compensation to former clients of Storm Financial.

A statement posted to the ASX today reveals the court’s decision and explains that the settlement now concludes “both of the outstanding Storm Financial proceedings against BOQ”.

A previous statement from the bank in September outlined the terms of the settlement agreement.

“The gross payment by BOQ to settle ASIC’s proceedings and the class action is $19.7 million, with $17 million of this to be paid to BOQ customers,” a statement from the bank said.

“The settlement agreement includes acknowledgement by all parties that BOQ denies any wrongdoing in relation to both proceedings,” the statement said.