Crikey goes inside a $32 billion law suit against our biggest bank. Has the National told shareholders “the whole story”? Does this issue have the potential to cause Australia’s biggest bank much grief this year. You be the judge.

National chief executive Frank Cicutto and his chairman Mark Rayner have been putting on a brave face about the $32 billion law suit against Australia’s biggest and most successful bank. The case comes to trial in June. It involves an e-commerce joint venture the National hatched in 1996 with a Sydney company Idoport Pty Ltd (known as JMG after its colorful founder John M Maconochie of Sydney).