INSIGHTS: Class Action News

August 2, 2018

Author

On 26 July 2018 the Federal Court of Australia approved the settlement reached by Meridian Lawyers relating to two separate class actions relating to failed debenture and note schemes.

In one of the approved class action settlements, Meridian Lawyers acted for 804 Group Members and achieved a settlement of $28,158,500. This will result in a net actual return to Group members from the proceeds of the class action of between 30.2 cents in the dollar and 34 cents in the dollar depending on when Group Members purchased their debentures in the failed scheme.

In the other approved class action settlement, Meridian Lawyers acted for 240 Group Members and achieved a settlement of $11,000,000. This will result in a net actual return to Group members from the proceeds of the class action of between 24.86 cents in the dollar and 41.26 cents in the dollar depending on when Group Members purchased their notes in the failed scheme.

For further information on these matters, please contact our commercial litigation principal Douglas Raftesath on 02 90189978.