MLC enters AUSMAQ fray
The National Australia Bank has received a new statement of claim from Idoport, the company which already has taken the bank to court.
The National Australia Bank has received a new statement of claim from Idoport, the company which already has taken the bank to court.
NAB said the new claim by Idoport, which is controlled by Mr John Maconochie, is related to current action in the Supreme Court under which Idoport and a related company Market Hold-ings are suing NAB for up to $50.6 billion in damages.
The new claim is against the recently acquired MLC business and National On Line Trading Limited, a company that commenced operations in February 2000.
"The claim relates to various offerings of MLC Limited, National On Line Trading Limited and the National,” the bank said in a statement.
"In this new action Idoport Pty Limited is also claiming performance bonuses under a 1996 con-sulting agreement between companies associated with Mr Maconochie and the National and oth-ers."
National spokesman Ross Pinney said: "Like the current claim, we believe this new claim is ill conceived and will fail and will have no material effect on the National's financial position."
Mr Maconochie, through Idoport and Market Holdings, is suing NAB, claiming a breach of con-tract to develop and market globally the electronic trading platform AUSMAQ developed by him. The case in the Supreme Court began in late July.
Recommended for you
Insignia Financial has returned to profit in FY25, after a $185 million loss in the previous year, while its advice division grew their revenue per adviser by 14 per cent.
With licensee switching on the rise, particularly for newer advisers, compliance expert Sean Graham has shared red flags to watch out for when making the jump between AFSLs.
Beyond their investment benefits, over a third of advisers say utilising managed accounts solutions has allowed them to take on more clients, according to Praemium.
Insignia Financial’s wrap platform has appointed Heidi Press, former HUB24 head of product management, to spearhead the design and delivery of the MLC Expand platform.
