The developer of an electronic trading system opened its case against Australia's biggest bank yesterday, seeking damages of more than 50 billion Australian dollars (€31.45 billion) in the country's largest ever corporate claim. Developer Mr John Maconochie sold his AUSMAQ automated financial services system to the National Australia Bank in 1996 for A$7 million, and expected to receive royalty payments as the technology was developed for wider use.

However, he claims NAB failed to realise the full potential of the technology, robbing him of the opportunity to earn substantial performance bonuses.