LEVITT Robinson Solicitors’ Principal Stewart Levitt has spoken out against Macquarie Bank in the Australian Financial Review, over revelations that the bank gave some of its wealthy clients an opportunity to opt-out of the ill-fated 2008 Initial Public Offering of toll road holding company BrisConnections.
According to AFR reporter Joyce Moullakis, Macquarie knew that the BrisConnections share price was likely to plummet after the float. The bank’s private wealth unit then permitted a select few of its customers to hand back their shares.
Mr Levitt was quoted as saying:
“Anyone that didn’t get the benefit of this special deal could hold the bank [Macquarie] accountable.”
“Financial institutions have an equal obligation to all clients.”