Claim for millions filed against Mac Bank
(12 March 2010 – Australia) A Sydney law firm has filed a claim for millions of dollars worth of damages against Macquarie Bank on behalf of a former investor of Storm Financial, according to the Townsville Bulletin.
The former investor of Storm Financial, Brian Smith, is claiming damages for losses and exemplary damages as a result of the selling-out of his A$1.2 million portfolio in 2008.
The Townsville Bulletin has reported that the bank allegedly sold the securities without authority, on or about October 22, and did not provide Mr Smith with a margin call.
The former investor is being represented by Sydney-based firm Firths, who is briefing Sydney barrister Ross Goodridge.
Ross Goodridge has already successfully sued Macquarie Bank in a similar case not involving Storm Financial.
Mr Smith's court application claims he signed six blank pages photocopied from a 67-page margin loan service agreement in June 2006, but that the balance of the agreement was never shown to him.
The application also claims that the bank failed to comply with the Code of Banking practice by not providing the same information it gave to non-Storm customers and by not reviewing Mr Smith's application for credit for serviceability or accuracy, according to the Townsville Bulletin.
The Townsville Bulletin has reported that the bank allegedly sold the securities without authority, on or about October 22, and did not provide Mr Smith with a margin call.
The former investor is being represented by Sydney-based firm Firths, who is briefing Sydney barrister Ross Goodridge.
Ross Goodridge has already successfully sued Macquarie Bank in a similar case not involving Storm Financial.
Mr Smith's court application claims he signed six blank pages photocopied from a 67-page margin loan service agreement in June 2006, but that the balance of the agreement was never shown to him.
The application also claims that the bank failed to comply with the Code of Banking practice by not providing the same information it gave to non-Storm customers and by not reviewing Mr Smith's application for credit for serviceability or accuracy, according to the Townsville Bulletin.
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