GetSwift settles long-running suit
AUSTRALIAN software outfit GetSwift and its former AFL star co-founder Joel MacDonald have settled a class-action suit with aggrieved creditor Raffaele Webb, ending a Federal Court saga that has dogged the company and its executives for years.
The conditional agreement was made without any admission of liability by GetSwift or Mr MacDonald, and Mr Webb will benefit if and when the company receives funding.
“Under the proposed settlement structure, the respondents and GetSwift will make a modest upfront payment into the settlement pool,” law firm Phi Finney McDonald said in a statement.
“Further sums will be contributed as a capped percentage of any capital raisings (or a capped percentage of company revenue as a backstop if no or limited funds are raised) over a three-year period.”
The company is now listed on Canada’s NEO stock exchange, a move that Treasurer Josh Frydenberg tried to block last year. It has a market capitalisation of about $49m on the NEO, a far cry from its peak of $200m on the ASX.
The class action was triggered by allegations the company had breached continuous disclosure laws. GetSwift said it expected the settlement to allow it to “focus on growth, innovation, product launches and market capture”.