National broking network OAMPS has confirmed it has been hit with a discovery motion from National Australia Bank (NAB) for more than $63 million.

The scuffle is over the failed bid in 1996 by former NAB technology partner John Maconochie’s Idoport Pty Ltd to sue the bank. Mr Maconochie, designer of the Ausmaq trading platform technology, sued the bank for $50 billion, alleging breach of contract after the bank walked away from the project.  

Despite 260 days in court and millions of dollars in legal costs, Idoport and Mr Maconochie lost – because he ran out of funding.

Australian International Insurance – which is owned by OAMPS – was a shareholder of Idoport, and the NAB apparently sees OAMPS as its best bet for recovering court costs.

The bank says it spent close to $70 million defending the case, with 130 people working on it. Mr Maconochie’s bill was less than $10 million.

OAMPS CEO Tony Robinson told Sunrise Exchange News the media have “exaggerated the truth” over the Idoport case, and the NAB is at this point only seeking information from OAMPS. He says at this stage the group is “not really all that worried” about the proceedings. Nevertheless, it has appointed top law firm Norton Gledhill to represent it.

Mr Robinson says he expects the matter to go to court sometime later this month.

“At this point the $63 million figure is one that has been indicated as a discounted figure of what’s involved,” he said. “We don’t know their intentions as yet, and we’re just providing information at this stage.”

OAMPS was also in court last week seeking to have former CEO Robert Porter declared bankrupt over an alleged debt of $19,800.