Global investors sue Macquarie Bank for illegal share trade

The Australian
AAP

MACQUARIE Bank is being sued for more than $10 million by a consortium of international investors over the illegal trading of shares by a broker in its equities arm.

The shares were for Bill Express, a now defunct operator of payment systems that collapsed in 2008 under the weight of $209 million of debts.

Law firm Slater and Gordon today lodged a statement of claim on behalf of the consortium that comprises Al Othman Holdings Company, and Voice and Date Telecommunication Company, in the Federal Court registry in Sydney.

It said that in 2007 the consortium formed a joint venture called Ipay Express and invested more than $9.5m in Bill Express and its parent company, OnQ Group.

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