Provident Capital – Court approval of settlement

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.

Contact

  • Sydney

    Level 16, MLC Centre
    19 Martin Place
    Sydney, NSW 2000
    T:
    +61 2 9018 9999
    F:
    +61 2 9018 9900
  • Melbourne

    Level 12, 357 Collins Street
    Melbourne VIC 3000
    T:
    +61 3 9810 6777
    F:
    +61 3 9810 6770
  • Newcastle

    Level 6, 45 Watt Street
    Newcastle NSW 2300
    T:
    +61 2 4047 2600
    F:
    +61 2 4047 2699
  • Brisbane

    Level 8, 60 Edward Street
    Brisbane QLD 4000
    T:
    +61 7 3220 9333
    F:
    +61 7 3220 9399
  • Perth

    Level 3, 225 St Georges Terrace
    Perth WA 6000
    T:
    +61 8 6319 0470
    F:
    +61 8 6319 0499