Judge adjourns Storm Financial case

A Federal Court judge in Brisbane has adjourned a case involving the collapse of Storm Financial.

Investors lost more than $3 billion when the formerly Townsville-based financial services company collapsed in early 2009.

The Australian Securities and Investments Commission (ASIC) is pursuing Storm Financial, the Macquarie Bank and the Bank of Queensland.

It wants the Federal Court to find that both banks were knowingly concerned in the running of an unregistered managed investment scheme by Storm Financial.

A class action against Macquarie Bank alleging it engaged in "unconscionable conduct" by approving loans to investors who could not repay them is running in conjunction with ASIC's case.

Justice John Reeves today adjourned both matters to a date to be fixed in either April or May, when lawyers for all sides will make their final submissions to the court.

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