Energy Biz Fights $22M Damages Claim From Macquarie Bank

By Lucia Osborne-Crowley (October 12, 2021, 5:34 PM BST) -- Energy company Phelan has fought back against a $22.6 million breach of contract lawsuit from Macquarie Bank over foreign exchange trades, saying the lender is not entitled to bring legal action before engaging in dispute resolution.

Phelan Energy Group Ltd. told the High Court in an Oct. 1 defense, which has just been made public, that it is not liable to pay Macquarie Group Ltd. the damages it is seeking over allegedly unsettled foreign exchange trades that the Australian lender says amounts to a breach of contract.

The energy company said in its defense that the contract it entered into with the...

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