Financial Standard Comments - Macquarie and Storm victims settlement "wrong": Court The Federal Court of Australia has determined that "a substantial wrong" occurred on May 2013 when a judged approved the settlement between Macquarie Bank and the victims of the Storm Financial fraud. https://www.financialstandard.com.au/feed/latest?story=33869542 Mon, 12 Aug 2013 14:15:12 +1000 Mon, 12 Aug 2013 14:15:12 +1000 en-AU Copyright 2026 Financial Standard 5 Comment by Deb Lock (kdockinvestments) Why is it ok for litigation funders to get the premium in a payout but not the litigation funders in this case. It would appear the industry that is litigation funders has had ASIC do it's bidding for it. We can't have the little guy thinking he has a chance to self fund litigation. Once again the big end of town is protected by ASIC. Disgusted.

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]]> Deb Lock (kdockinvestments) Mon, 12 Aug 2013 14:15:12 +1000 Comment by John Ellison (N/A) Who pays the Ferryman?
The ones in the boat rowing or the ones holding along line rope tied on the stern?
Please give us a break!. It was we who forked out our hard earned to pay the lawyers.
Our intention was to get our invested monies returned 100% if we won and a little extra invested as risk takers
That is what Litigation funders are. Risk takers pure and simple!!!

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]]> John Ellison (N/A) Mon, 12 Aug 2013 15:03:36 +1000 Comment by Ruth Fontaine (stormie)

What is the matter with ASIC, first they approve the Storm Financial investment strategy, then they ignore the banks who financially backed the scheme, now when we put up the money to fight for our rights they are taken away, by ASIC. Why???

ASIC took the Macquarie bank to court last year claiming that they were fighting for us, yet there has been no decision by ASIC. Now we've taken the bank to court and funded the action ourselves and ASIC now have the audacity to take that away from us. Where is the legality in all of this? Our laws in this land are pathetic to say the very least, it's time that they were brought into the twenty first century instead of languishing in the dark ages. I'm disgusted and angry by this whole debacle.

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]]> Ruth Fontaine (stormie) Mon, 12 Aug 2013 16:46:24 +1000 Comment by Bruce Milburn (Average Aussi)

In ASIC's own words, we are very cautious how we spend tax payers money. If that is correct why should they stick their nose into a privately negotiated out of court settlement agreed to by the Macquarie bank, investors & their legal team when they FAILED to prevent the debacle of Storm Financial's model in the first place then secondly FAILED to bring the offenders to justice.

Big end of town riding roughshod over the average Aussi again

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]]> Bruce Milburn (Average Aussi) Mon, 12 Aug 2013 21:54:23 +1000