A Brisbane court approved an $82.5m settlement between Storm Financial clients and Macquarie Bank. Source: AAP
A BRISBANE court has approved an $82.5 million settlement deed between Storm Financial clients and margin lender Macquarie Bank.
More than 1000 investors who were devastated when the Townsville-based financial services company folded in early 2009 will receive money under the deed, which was given the green light in the Federal Court in Brisbane late on Friday afternoon.
However, the money will not be evenly distributed.
After consideration, Justice John Logan approved a proposed 35 per cent premium for the 315 investors who funded a class action against the bank.
The court heard they will receive a 42 per cent return on the money they lost through Storm, while the remaining investors will receive just 17.6 per cent.
The premium was slammed by the Australian Securities and Investments Commission (ASIC) as unfair.
However, Justice Logan ruled it gave "apt recognition to the very real risk they assumed in putting their money forward" to fund the litigation.
The decision was met with relief from a small number of the investors who attended.
Justice Logan acknowledged the settlement gave investors certainty of a return from litigation which probably would otherwise have been destined for the High Court and might not have been concluded until 2016.
The court heard the settlement included no admission of liability on behalf of Macquarie, which was alleged to have signed off on multimillion-dollar margin loans without any consideration of whether they could be repaid.
There are still several other ongoing cases against Storm Financial, which is in liquidation, and against banks who lent money to its clients.
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