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Former Macquarie execs lose case, costs

Former Macquarie execs lose case, costs

(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.
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