Macquarie settles with Storm investors

INVESTORS who lost their life savings with Storm Financial have reached an out-of-court settlement with Macquarie Bank.

Around 1000 investors lost about $290 million when the Townsville-based financial services company folded in early 2009.

They pursued a class action against the bank in the Federal Court in Brisbane, seeking compensation for losses incurred when they took out risky margin loans with the bank.

However, after extensive discussions between the parties, Macquarie announced on Friday it had reached a settlement agreement worth $82.5 million, including costs of about $6.5 million.

The settlement included no acknowledgement of liability on behalf of the bank.

Stewart Levitt, who represented about 300 of the investors in the class action, said although his clients would not recoup all their money, the settlement assured them some return on their investment.

"Generally speaking, early settlement always represents a discount. It's a trade-off for certainty," Mr Levitt told AAP on Friday.

He said the investors had been heavily involved in the mediation process, with a team of seven representatives working with lawyers and a mediator over five days of negotiations.

"This wasn't something that was foisted on them by lawyers, ASIC or the bank, but something that was freely negotiated," he said.

Mr Levitt said the decision would likely give hope to other Storm investors involved in a class action against the Commonwealth Bank of Australia that public scrutiny of the bank's action could result in a similar settlement.

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