Fourth wave of underpayment claims hits Macquarie Bank

A new wave of ex-Macquarie financial advisers have launched court action against the bank over underpayments, bringing the total number of claims to at least $9 million.

The six former investment advisers from Macquarie private wealth, equities and capital divisions alleged the bank failed to pay them $2.1 million in leave and minimum salaries, instead paying them purely by commission.

The Federal Circuit Court case is the second to be filed against Macquarie Bank in as many weeks and follows a test case launched last year that alleged the firm was breaching the Fair Work Act.

Law firm Opus Legal, led by George Szlawski, is leading three of the four cases but declined to comment on whether there were more court actions in the pipeline.

The original test case is understood to have settled claims on unpaid leave but disputed matters, including superannuation, are set for mediation on September 15.


The fourth court action includes veteran Sydney advisers David Halliday, Joshua Bull, John Budinsky, Alan McDonald and Adam and Ian Schlipalius. All left Macquarie between June 2015 and May 2018 and spent at least a decade at the bank.

More than 40 advisers have now filed claims against Macquarie for underpayments, with the latest $2.1 million claim joining two others worth $3.3 million and $2.6 million.

The test case originally estimated $838,000 in unpaid accrued leave due on termination but its total claims is understood to now be in the millions of dollars after calculating unpaid leave during employment.

A Macquarie spokeswoman said the bank would be “defending the proceedings”.

Read More


Please enter your comment!
Please enter your name here