Slater’s $ 36m set­tle­ment

Townsville Bulletin - - NEWS -

THOU­SANDS of out- of- pocket Slater and Gor­don share­hold­ers will split a set­tle­ment of $ 36.5 mil­lion – just a frac­tion of the to­tal value shed by the once high- fly­ing law firm.

“The set­tle­ment was the best out­come from a ter­ri­ble sit­u­a­tion for share­hold­ers, given the di­a­bol­i­cal al­ter­na­tive which meant likely in­sol­vency for Slater and Gor­don,” class ac­tion lawyers Mau­rice Black­burn said.

The claim orig­i­nally sought $ 250 mil­lion, ar­gu­ing the ASXlisted firm mis­rep­re­sented to the mar­ket, and failed to dis­close in a timely way in­for­ma­tion about its fi­nan­cial per­for­mance and prospects in 2015 and 2016.

The in- prin­ci­ple agree­ment to set­tle will in­volve no ad­mis­sion of li­a­bil­ity from Slater and Gor­don, and “will also re­solve any and all po­ten­tial share­holder claims against the com­pany and its direc­tors and of­fi­cers”, Slater and Gor­don said.

Newspapers in English

Newspapers from Australia

© PressReader. All rights reserved.