The Australian Securities and Investment Commission has settled legal proceedings related to its investigation into the collapse of Storm Financial. 

The claims were made against Bank of Queensland, Senrac and Macquarie Bank on behalf of 

Barry and Deanna Doyle, two former investors at Storm. The three companies did not admit guilt but have agreed to pay A$1.1 million ($1.05 million) to fully compensate the couple for their financial losses. The case was brought to court in December 2010 and was supposed to begin trial in 3 June in the Federal Court of Australia. 

In a statement, the ASIC said that it was pleased that moves to establish liability for the incident are bearing fruit, adding that it will "continue efforts to achieve fair compensation for all former Storm investors".

The Doyles' claims are similar to the class action lawsuit against the same firms under solicitors Levitt Robinson. The ASIC recently appealed the Federal Court's decision on the matter on grounds of fairness in terms of compensation for damages. Read about the story here.