RC-based class action against IOOF settles quietly
IOOF has seen off one the class actions which dogged it before and after the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry and action initiated by the Australian Prudential Regulation Authority (APRA).
The company announced to the Australian Securities Exchange (ASX) today that it had reached agreement to settle the class action which had been commenced against it in April, last year, in the NSW Supreme Court.
Importantly, IOOF said that the class action had been “discontinued with no order as to costs”.
The class action had been brought by law firm Quinn Emanuel Urquhart and Sullivan on behalf of shareholders who had acquired an interest in IOOF’s shares between 27 May, 2015, and 9 August, 2018, with the company saying at the time the action appeared to be based on evidence given to the Royal Commission and that APRA had commenced legal proceedings against certain officers of IOOF.
The APRA action which appeared to underpin the class action failed in court last year.
IOOF noted that it was making no payment to the plaintiff, its lawyers or the litigation funder and was very happy with the outcome.
Recommended for you
Treasurer Jim Chalmers has handed down his third budget, outlining the government’s macroeconomic forecasts and changes to superannuation.
The central bank has announced its latest rate decision amid stubborn inflation and increasing geopolitical tension.
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
