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...

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!