IOOF has confirmed final settlement at no cost to itself of a class action brought against law firm Quinn Emanuel linked, in part, to a failed legal action mounted by the Australian Prudential Regulation Authority (APRA).
IOOF confirmed to the Australian Securities Exchange (ASX) yesterday that the Supreme Court of NSW had approved discontinuance of the class action with no order as to costs.
IOOF said in its ASX statement that it was not making any payment to the plaintiff, its lawyers, its funder or any class member.
Quinn Emanuel confirmed it was discontinuing the class action in May.
The class action had been premised on APRA’s ultimately failed prosecution of IOOF directors and executives over alleged misconduct.
The class action had alleged that IOOF shareholders had sustained losses after misconduct and enforcement action by the Australian Prudential Regulation Authority was revealed at the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry.
