Investment banking powerhouse Macquarie Group has been accused in a US court of attempting to stifle claims of extortion and sabotage by purchasing an energy financing provider that was suing it for $US120 million .
The man who was driving the case brought by Vantage, Vic Ferreira, has now been sacked by the new ownership group and an independent panel is reviewing the case "due to the affiliation between the new owner and Macquarie". The court has stayed the matter until the review is complete. Mr Ferreira was the boss of Big Apple before the acquisition of Vantage. Big Apple entered into bankruptcy in 2018 after Macquarie called in its legal rights over breaches of the loan agreement.
Vantage alleges Mr Ferreira and Big Energy were misled by their Macquarie banker into buying Vantage. It is alleged the purchase of Vantage by Big Energy was brokered by a Macquarie banker who advised both sides of the transaction while also being a director of Vantage.
This would be the least of it with Macquarie. It's The Firm.