Meridian Lawyers is pleased to advise that the class action that was commenced on behalf of John and Rosemary Smith against Australian Executor Trustees Limited in relation to the failure of Provident Capital has settled in principle, subject to the completion of settlement documentation.
The settlement will still need to be approved by the Court.
Meridian Lawyers represents over 900 Group Members of the Smith Provident Capital class action. Group Members will shortly receive a Settlement Notice and other documentation in the mail. That documentation will provide details of the proposed settlement.
The settlement of the Smith Provident Capital class action closely follows the recent successful settlement by Meridian Lawyers in May 2018 of two other class actions relating to failed debenture schemes.
The Court approval of the settlement of those other class actions was granted by Justice Lee in the Federal Court of Australia on 26 July 2018.