ASIC settles $1.1m Storm Financial case for couple FORMER Storm Financial clients Barry and Deanna Doyle have recovered their full financial loss after the corporate regulator agreed to settle an action on their behalf against Macquarie Group and Bank of Queensland. Without admission, BoQ, Senrac and Macquarie agreed to pay $1.1 million to the Doyles ahead of a court trial set down for three weeks from next Monday. The firms were accused of breach of contract, unconscionable conduct and liability as linked credit providers of Storm, which is in liquidation. The Australian Securities & Investments Commission had brought the action in the Doyles' name to hold the banks accountable for their role in investor losses of hundreds of millions of dollars, and to provide a template for other investors to seek compensation. ASIC chairman Greg Medcraft said the regulator was pleased with the outcome. "The proceedings, which ASIC commenced in December 2010, were brought to hold the banks accountable for their role in the losses suffered by those who invested through Storm and to establish a basis upon which the Doyles, and ultimately other Storm investors, could achieve fair and adequate compensation," Mr Medcraft said. ASIC will continue its efforts to achieve fair compensation for all former Storm investors. ASIC has appealed a Federal Court approval of another claim known as the Tracey Richards case - which made similar allegations to the Doyles' case - on the basis that the settlement is unfair to the 70 per cent of class action members who did not or were unable to contribute to the class action costs. Under the class action settlement negotiated by solicitors Levitt Robinson and Macquarie, approximately 70 per cent of class action members would recover about 18 per cent of their lost "net equity." The remaining class action members, who contributed in varying amounts to the funding of the class action, would be reimbursed their legal costs and also compensated for approximately 42 per cent of their lost "net equity" (as estimated by Levitt Robinson). In return for receiving this compensation, members of the Richards class action would be required to give up any further claims against Macquarie regarding Storm. The Federal Court is yet to set a date for delivery of its judgment in ASIC's unregistered managed investment scheme action against Storm, BoQ and Macquarie.