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Former Macquarie Corporate Finance client Brian Locke has been forced to
stump up an extra $270,000 in security for his long-running battle against the
bank over an agricultural infrastructure scheme that he claims was stolen from
him.
Mr Locke, who commenced his action against Macquarie four years ago, is still
waiting to see the group's defence.
Two years ago Macquarie successfully sought an $80,000 order for security for
its costs. Arguing the amount was insufficient, it mounted a second application
for a further $270,000 for its costs. Yesterday, after 14 months of skirmishes
over the matter in the NSW Supreme Court, it was successful.
Macquarie claims the case is complex and likely to fail and wants to ensure
that it is not exposed.
Yesterday Master John McLoughlin ordered that Mr Locke must lodge half of
the amount in six weeks and the second half when further affidavits are filed.
Those costs are in addition to the $230,000 Mr Locke has already spent on 35
directions, interlocutory and costs hearings.
Mr Locke claims he signed three confidentiality agreements with MCF in 1996
when he took his infrastructure project to the bank.
He claims that the project was adopted by MCF and later sold, under the code
name Project Harvest, to 200 of the bank's wealthiest clients.
Yesterday in an affidavit sworn by Mr Locke's solicitor, Brian Quilty, and
read in court, Mr Quilty said he was told that when Mr Locke had a telephone
conversation with Andrew Bouris of Mallesons, lawyers for MCB in late July 1998,
he said to Mr Bouris ``So Andrew you're going to be difficult in this matter".
Mr Bouris had replied ``Brian we're not going to be difficult, we're going to
be impossible."
Yesterday a crestfallen Mr Locke said: ``Whilst the decision is
disappointing I will fight on because right is on my side. It is very difficult
for a small individual to take on a bank.
``The odds are stacked against you."
He said he had no immediate idea where the money could be found to satisfy
the costs order.
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