find the latest legal job
Corporate Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Highly-respected, innovative and entrepreneurial Not-for-Profit · Competency based Board
View details
Chief Counsel and Company Secretary
Category: Generalists - In House | Location: Newcastle, Maitland & Hunter NSW
· Dynamic, high growth organisation · ASX listed market leader
View details
In-house Projects Lawyer | Renewables / Solar | 2-5 Years PQE
Category: Generalists - In House | Location: All Australia
· Help design the future · NASDAQ Listed
View details
Insurance Lawyer (3-5 PAE)
Category: Insurance and Superannuation Law | Location: Brisbane CBD & Inner Suburbs Brisbane QLD
· Dynamic organisation ·
View details
Legal Counsel
Category: Corporate and Commercial Law | Location: North Sydney NSW 2060
· 18 month fixed term contract · 3-5 years PQE with TMT exposure
View details
Oz Minerals settles two lawsuits

Oz Minerals settles two lawsuits

Oz Minerals has settled two shareholder class actions for $60 million which claimed the mining company failed to disclose its true debt position during the global financial crisis.

OZ Minerals has settled two shareholder class actions for $60 million which claimed the mining company failed to disclose its true debt position during the global financial crisis. 


The company has agreed, conditionally, to settle a case lead by Maurice Blackburn for $35.9 million plus costs of $3.1 million, while the Slater & Gordon matter will settle for $19.2 million plus costs of $1.8 million. 


Maurice Blackburn brought its claim against the company in late 2008 for breaching continuous disclosure laws. It alleged that the miner misled shareholders by failing to properly inform the market about its debt position.


Slater & Gordon, supported by Litigation Lending Services, acted for more than 8,400 participants who purchased shares in the minerals resources company, Oz Minerals, between February and December 2008.

 

In this case, subject to the settlement being approved by the Federal Court of Australia, the predominantly mum and dad retail investors will share $19.2 million, the firm said. 

 

Approximately 80 per cent of class members who suffered a loss are expected to receive between $100 and $5,000 depending on when and the number of shares they purchased.


The Federal Court will respond to the settlement within the next eight weeks.

 

Ken Fowlie, practice group leader, Sydney commercial and project litigation at Slater & Gordon, said the settlement was a great win for small retail investors.

 

“Joining this sort of class action is almost always the only way small investors can have any chance of recovering compensation from well resourced big businesses,” Fowlie said.

 

“With this settlement today we see a perfect example of how a class action can resolve major legal battles quickly and cheaply for small investors with limited resources.”

 

Michelle Silvers, Managing Director of Litigation Lending Services, said the win would not have been possible without the backing of a litigation funder.

 

“It is this sort of class action that is increasingly holding big public companies across Australia accountable to shareholders,” Silvers said.

 

“Class actions supported by litigation funders are an affordable, effective and transparent way of achieving justice for small investors.”

Like this story? Read more:

QLS condemns actions of disgraced lawyer as ‘stain on the profession’

NSW proposes big justice reforms to target risk of reoffending

The legal budget breakdown 2017

Oz Minerals settles two lawsuits
lawyersweekly logo
Promoted content
Recommended by Spike Native Network
more from lawyers weekly
LCA president Fiona McLeod SC
Aug 17 2017
Where social fault lines meet the justice gap in Aus
After just returning from a tour of the Northern Territory, LCA president Fiona McLeod SC speaks wit...
Marriage equality flag
Aug 17 2017
ALHR backs High Court challenge to marriage equality postal vote
Australian Lawyers for Human Rights (ALHR) has voiced its support for a constitutional challenge to ...
Give advice
Aug 17 2017
A-G issues advice on judiciary’s public presence
Commonwealth Attorney-General George Brandis QC has offered his advice on the public presence of jud...
APPOINTMENTS
Allens managing partner Richard Spurio, image courtesy Allens' website
Jun 21 2017
Promo season at Allens
A group of lawyers at Allens have received promotions across its PNG and Australian offices. ...
May 11 2017
Partner exits for in-house role
A Victorian lawyer has left the partnership of a national firm to start a new gig with state governm...
Esteban Gomez
May 11 2017
National firm recruits ‘major asset’
A national law firm has announced it has appointed a new corporate partner who brings over 15 years'...
opinion
Nicole Rich
May 16 2017
Access to justice for young transgender Australians
Reform is looming for the process that young transgender Australians and their families must current...
Geoff Roberson
May 11 2017
The lighter side of the law: when law and comedy collide
On the face of it, there doesn’t seem to be much that is amusing about the law, writes Geoff Rober...
Help
May 10 2017
Advocate’s immunity – without fear or without favour but not both
On 29 March 2017, the High Court handed down its decision in David Kendirjian v Eugene Lepore & ...