(Australia) – Two former Macquarie Bank executives who unsuccessfully sued the bank for unfair dismissal have been ordered the pay the bank’s legal bills, estimated at between A$4-5 million.Michael Bell and Charles Berg were ordered by Justice Monika Schmidt of the NSW Industrial Relations Commission to pay the costs, but granted a stay of execution demanding the outcome of an appeal.
Macquarie offered to settle the case for A$100,000 and A$185,000 plus costs for Bell and Berg respectively, but this was rejected.
Bell had claimed A$5.2 million, and Berg A$2.8 million.
The case began in 1997.