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...

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