An Australian federal appeals court has rejected a proposed distribution scheme for a $75.3 million class action award to investors in failed Australian financial advisory company Storm Financial Ltd.
The settlement had been reached between the more than 1,000-member class and Macquarie Bank Ltd., which issued loans for investments in Storm Financial before it collapsed in 2009, last March. A federal judge in Brisbane approved the deal in May but it was subsequently challenged by the Australian Securities and Investment Commission.
