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
Federal Court approves Oz Minerals class action settlement

Federal Court approves Oz Minerals class action settlement

Over 7,500 participants represented by Slater & Gordon in a class action against minerals resources company, Oz Minerals, will share in $16 million compensation.The Federal Court of…

Over 7,500 participants represented by Slater & Gordon in a class action against minerals resources company, Oz Minerals, will share in $16 million compensation.

The Federal Court of Australia approved the settlement last week (July 1) on behalf of the predominantly 'mum and dad' retail investors who purchased shares in Oz Minerals between February and December 2008.

Ken Fowlie, practice group leader with Slater's Sydney commercial and project litigation, led the team with the support of Australian litigation funding company Litigation Lending Services.

Around 80 per cent of class members who suffered a loss are expected to receive between $100 and $5000 depending on the number of shares they purchased and when they purchased them.

"The settlement represents the first settlement of a shareholder class action where multiple shareholder actions were issued, demonstrating that multiplicity of actions is no barrier to resolving such claims," said Fowlie.

A deed of settlement with Oz Minerals was executed on 10 May 2011as part of a broader agreement reached by the minerals resources company to resolve two class actions brought against it.

Oz Minerals has not admitted liability.

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

Federal Court approves Oz Minerals class action settlement
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 & ...