Macquarie Group Limited’s (ASX:MQG) banking arm is being sued for $10 million from a consortium of international investors.
Legal firm Slater & Gordon have lodged a statement of claim in the Federal Court on behalf of the Middle East based investors over the illegal trading of shares in Bill Express.
The investors claim Macquarie Equities is responsible for the actions of rogue trader Newton Chan before the collapse of Bill Express in 2008.
Slater & Gordon says its clients are seeking to establish that Macquarie, the holder of the Australian Financial Services license under which the broker operated, is responsible for his illegal behavior.
A spokeswoman for Macquarie Group says the investment bank believes the claim is “totally fanciful” and expects to defend the matter.
In the first half of its 2012 financial year Macquarie Group reported a net profit of $308 million.
