ASIC wins appeal against Storm Financial
THE corporate watchdog has won an appeal against the settlement reached between Storm Financial and investors in the failed Queensland company.
Under the original settlement agreed to in May, $82.5 million dollars was to be shared among about 300 Storm clients who took out margin loans with Macquarie Bank.
The Australian Securities and Investments Commissions argued that the settlement was unfair, as investors who funded the class action would get back about 42 per cent of their losses, while Storm investors who did not fund the action would get just 18 per cent.
ASIC chairman Greg Medcraft described the original distribution as "irrational".
Read more at ABC News Online