Provident Capital – Court approval of settlement

October 25, 2018

We are pleased to advise that the settlement of the class action prosecuted by Meridian Lawyers on behalf of approximately 900 group members in the failed Provident Capital debenture scheme has now been approved by the Supreme Court of NSW. The settlement will enable each of the group members to receive a significant payment towards the loss that they suffered when Provident Capital collapsed owing 3000 debenture holders $130M.

In approving the legal costs incurred by Meridian Lawyers, in the judgment delivered by Justice Ball, he said:

… I accept that the rates Meridian Lawyers charged were less than market rates and that on any view the costs are modest having regard to the complexity of the case.”

Group members can look forward to receiving their payments around the middle of December.

This is the third class action that Meridian Lawyers has successfully prosecuted in recent months, bringing the total monies recovered for group members to approximately $55M.