The shareholders alleged that in November 2007 and February 2008, Credit Corp made certain announcements to the ASX. These included representations that did not have any reasonable basis and thereby Credit Corp engaged in misleading and deceptive conduct. Further, the shareholders alleged Credit Corp breached its continuous disclosure obligations.
Group members in the proceeding were persons who purchased Credit Corp securities between 8 November 2007 and 11 February 2008, who suffered loss or damage as a result of the alleged contraventions and as at the date of filing (23 December 2008) had entered into a litigation funding agreement with IMF.
The proceeding was fixed for hearing for 3 weeks commencing 22 August 2011.
On 12 December 2011, the parties settled the class action for $6.5 million.
The Federal Court approved the settlement on 13 March 2012.
1. Interrogatories (3 February 2010).
2. Interrogatories (29 March 2010).
3. Settlement Approval (13 March 2012).