Appeals court dismisses A$50 bn NAB Ausmaq suit
15 August 2002 | 3926 views | 0
An Australian appeals court has dismissed a A$50 billion technology claim brought against National Australia Bank by Sydney businessman John Maconochie and his Idoport company.
The New South Wales Court of Appeal has refused the appeal brought by Idoport against an earlier decision that had dismissed the proceedings initally brought against the National.
Idoport had been claiming damages up to a maximum A$50 billion in a suit that alleged breach of consultancy and technology contracts following the NAB's purchase of the Australian Market Automated Quotation system (Ausmaq), platform in 1996. The long-running wrangle between the bank and the Sydney businessman finally ran out of steam in January this year, when financial backers supporting Machonochie's costs pulled out.
The unanimous decision of the appeal court judges now brings to an end all of the proceedings brought by Maconochie and companies associated with him against the National, subject to any successful appeal to the High Court.
Ross Pinney, the National's executive general manager, welcomed the judgement: "We have always held the view that the claims were misconceived and would fail."
Idoport remains liable to pay the National's costs of the dismissed proceedings and of the appeal - estimated to be in the region of A$50 million.