Storm clients withdraw Macqurie class action for settlement

STORM financial clients will get an $82.5 million settlement after dropping a class action against Macquarie Bank, a statement filed to the stock exchange revealed on Friday.

The bank filed the ASX statement announcing it had reached a settlement agreement after more than four months in mediation talks with the former Storm Financial clients.

It is understood the settlement included an acknowledgement by investors in Storm Financial there was no wrongdoing by Macquarie.

The statement filed by the bank said the bank would pay investors $82.5 million, including costs, and the pay-out would have no impact on the company's financial position.

It will also require the approval of the Federal Court.

Due to other ongoing litigation over the break-up of Storm Financial, the bank would not make any further comment.

Lawyers acting for the class action were contacted prior to filing this story.

Topics:  class action macquarie bank settlement storm financial

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