RC-based class action against IOOF settles quietly

25 May 2020

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”.

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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.

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I thought lawyers were intelligent people. It appears that profession has more than its share of opportunists and failing again because of lack of evidence and researching the actual facts. There is always going to be a risk in any investments but unfortunately they can become volatile because of certain publications, even if they are incorrect or biased against. Remember, one invests for one's future and not because of today's headlines.

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