Well MAXW ! you never know ! where there is life there is hope if enough heat gets applied to ASIC it looks like they will act ?
Australian Regulator to Sue Commonwealth Bank, Macquarie Bank Over Storm
By Malcolm Scott - Nov 26, 2010
The Australian Securities & Investments Commission said it will commence proceedings against Commonwealth Bank of Australia, Bank of Queensland Ltd. and Macquarie Bank Ltd. seeking compensation for investors in Storm Financial Ltd., according to an e-mailed statement.
Commonwealth Bank, Australia?s largest lender, said in a statement it will strongly defend its position in any legal proceedings stemming from Storm Financial. Commonwealth Bank in December 2008 contacted Storm customers to notify them of margin lending breaches, and in January 2009 Storm closed its business and fired all employees as its investments soured.
Commonwealth Bank had agreed to refund investors where it had been found the bank lent them money imprudently,the Australian Newspaper reported in February. Bank of Queensland said in a filing its disappointed with the approach by the regulator, while Macquarie Group Ltd., parent company of Macquarie Bank, said it is disappointed by the claims made by ASIC, which it believes are unsustainable and speculative.
ASIC said in its statement today it wont commence proceedings for as long as three weeks as talks to resolve the dispute continue.
Storm Financial had A$4 billion ($3.9 billion) of funds under management, with more than 170 staff in eight Queensland offices, four offices in Victoria and one in Sydney, according to its website in December 2008.
