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Slater and Gordon hits back at class action suit

user iconEmma Musgrave 14 October 2016 NewLaw
Slater and Gordon hits back at class action suit

Slater and Gordon has responded to Maurice Blackburn Lawyers’ recent filing of a $250 million class action, saying it has engaged external legal advisers and will “vigorously defend the claim”.

Slater and Gordon has responded to Maurice Blackburn Lawyers’ recent filing of a $250 million class action, saying it has engaged external legal advisers and will “vigorously defend the claim”.

In an ASX market update yesterday, Slater and Gordon confirmed it had been served with a class action by Maurice Blackburn.

“Slater and Gordon Limited has been served with legal proceedings filed in the Federal Court on behalf of an open class of Slater and Gordon shareholders who purchased Slater and Gordon shares during the period from 30 March 2015 to 24 February 2016,” the update said.

“Maurice Blackburn, one of Slater and Gordon’s major competitors, is acting for the class.”

Slater and Gordon said it will “closely analyse” and “vigorously defend” the claim, and has engaged Arnold Bloch to assist in its defence.

The update said shareholder class actions typically take two to three years to reach a final hearing.

“Slater and Gordon has engaged external legal advisers to act for it and will vigorously defend the claim,”  Slater and Gordon group managing director Andrew Grech said.

“The class action will not affect the day-to-day conduct of Slater and Gordon’s client matters. Our clients can rest assured that Slater and Gordon and its lawyers will continue to work hard to offer them access to affordable, world class legal services.

“Our managing team will remain focused on executing our performance improvement program across the business to improve profitability and cash flow and reduce debt, in line with previous announcements made by Slater and Gordon.”

Earlier this week, ACA Lawyers announced it was finalising its investigation into a proposed shareholder class action against Slater and Gordon, saying intended to commence proceedings.

Slater and Gordon has not yet provided any comment in regards to these latest plans by ACA Lawyers.

 

Emma Musgrave

Emma Musgrave

Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.

Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences. 

Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.

She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University. 

Email Emma on: Emma.Musgrave@momentummedia.com.au 

Comments (4)
  • Avatar
    The directors' salaries have almost doubled in the last three years. Sounds like great work if you can get it. I'm sure I could lose a billion dollars in a twelve month period. Where do I sign up?
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    tomsmeldy@*******.com Friday, 14 October 2016
    With $840 million owed to the bank due to a poor investment, closing down the conveyancing part of the business, redundancies currently being carried out and other staff resigning on mass, I think the writing may be on the wall for Slater and Gordon, they will be lucky to be around when the court proceedings occur. I am sure the directors who got them into this mess will happily reach into there own pickets to help out us mum and dad investors who lost money:P:P.
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  • Avatar
    A $250M class action lawsuit claiming what exactly?
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  • Avatar
    Wow. They will "vigorously" defend. What a useless word when it comes to chest beating in a dispute, let alone between law firms.
    0
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