Slater’s $ 36m settlement
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.