Qld couple to receive $1.1m Storm payout A COUPLE caught up in the Storm Financial meltdown will receive $1.1 million in compensation after two major banks decided to settle, less than a week before going to trial. Despite not admitting any liability, Bank of Queensland (BOQ), its North Ward branch (Senrac Pty Ltd) and Macquarie Bank have agreed to pay Townsville couple Barry and Deanna Doyle the sum as full compensation for the financial loss they suffered from Storm's collapse in 2009. A three-week trial was due to start in the Federal Court on Monday. Although the agreement provides relief only for the Doyles, it is likely to act as a precedent for several class actions still making their way through the courts. Australian Securities and Investments Commission (ASIC) Chairman Greg Medcraft said he was glad to see the banks held accountable for their involvement with the failed financial planning company. "The allegations against BOQ and Macquarie of breach of contract, unconscionable conduct and liability ... have provided a template for similar allegations that have been raised in class actions brought on behalf of investors," he said in a statement. The corporate watchdog is appealing a Federal Court decision to approve an $82 million settlement between more than 1000 Storm clients and Macquarie Bank. Under the settlement, 315 investors who funded the class action will be reimbursed legal costs and compensated for about 42 per cent of their losses. Meanwhile, 735 Macquarie borrowers who didn't, or were unable to, fund the action will get back only about 18 per cent of their losses. ASIC is objecting to the fairness of the deal. The watchdog has also alleged BOQ, Macquarie and Commonwealth Bank were in league with Storm Financial in operating an unregistered management investment scheme. The Federal Court is yet to set a date to deliver its judgment on that matter.