Macquarie Bank Sues Energy Co. For $22M Over FX Swaps

By Lucia Osborne-Crowley (October 8, 2021, 4:14 PM BST) -- Macquarie Bank is suing energy company Phelan for $22.6 million in damages after it allegedly failed to settle a series of foreign exchange trades and defaulted on its contract with the Australian lender.

Macquarie Group Ltd. told the High Court in an Aug. 6 claim, which has now been made public, that Phelan Energy Group Ltd., an international provider of solar power based in the British Virgin Islands, has failed to make $22.6 million in payments it owes the bank for loss-making foreign exchange trades it asked the lender to engage in on its behalf.

Acting on Phelan's instructions, Macquarie Bank...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.

  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!


Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Ask a question!