Response to News Limited article regarding Macquarie Private Wealth
Sydney, 21 Feb 2018
Allegations published in the Herald Sun today relate to a class action being pursued by lawyers Macpherson Kelley. While there has been extensive media coverage of their allegations, the lawyers are yet to commence any litigation. We have consistently stated that the allegations, which appear to be an attempt to solicit clients, lack any credible evidence.
Macquarie has investigated all of the lawyers’ allegations of price manipulation and categorically rejects that this occurred in relation to Cleveland Mining, and in relation to other small-cap companies suggested by the law firm. If the lawyers have credible information of this activity we would encourage them to approach the appropriate regulators.
Macquarie has acted in accordance with all relevant regulatory requirements. As we have stated previously, as part of a specific investigation into Cleveland Mining, Macquarie wrote in June to all clients who owned shares in the company, informing them that we were conducting a review. We have informed clients that we have found no evidence of inappropriate conduct of the type the lawyers are claiming.
We look forward to appearing before tomorrow’s Senate Committee Inquiry into Consumer Protection in the Banking, Insurance and Financial Sector to assist the Committee with its questions.