Macquarie and Storm Financial investors agree to settle

Macquarie Group Limited (ASX:MQG; ADR:MQBKY) today announced that it has reached an agreement to settle proceedings brought against it by investors advised by Storm Financial and who had Macquarie margin loan facilities.

This commercial settlement was reached having regard to the complex and unique features of the extensive litigation. The settlement includes an acknowledgement by the investors that there was no wrongdoing by Macquarie.

The settlement requires the approval of the Federal Court of Australia on application by the investors. The settlement amount will be $82.5 million, inclusive of costs.

After taking into account amounts expensed in prior years and other recoverable amounts, there will be no impact from this settlement on Macquarie’s result for the year ended 31 March 2013 or any subsequent period.

As the settlement requires the approval of the Federal Court of Australia, and because there is other related litigation which remains ongoing, Macquarie will not be making any further comment.