Bank of Queensland, Commonwealth Bank and Macquarie Bank will defend a suit from ASIC over their role in funding and fostering commoditised financial plans through Storm Financial.The Australian Securities and Investments Commission yesterday said it was starting proceedings against the three banks over Storm. ASIC foreshadowed this step several weeks ago."ASIC has continued confidential commercial discussions with some key parties. However, these have not resulted in an acceptable commercial resolution on compensation," ASIC wrote in a statement.The regulator seeks compensation for investors.Storm Financial collapsed in 2008, during the global financial crisis, leaving about 13,000 clients facing large losses.ASIC contends the three banks were involved in an unregistered investment scheme led by Storm.