- Proposed settlement – $37.5 million. The proposed settlement requires Court approval.
- Application for orders approving the proposed settlement are listed for hearing on 12 March 2020.
Victorian Registry, Federal Court of Australia (VID508/2017).
Date of Filing
9 May 2017.
John William Cruse Webster As Trustee For The Elcar Pty Ltd Super Fund Trust v Murray Goulburn Co-Operative Co Limited & Ors.
Solicitors for Applicant
Solicitors for Respondents
Solicitor for the Second Defendant: K&L Gates.
Solicitor for the First, Third and Fifth to Thirteenth Defendants: Herbert Smith Freehills.
Solicitor for the Fourth Defendant: Corrs Chambers Westgarth.
Singapore-based funder William Crothers.
In summary, claims made in the Murray Goulburn Class Action on behalf of Group Members principally concern allegations that:
- Murray Goulburn Co-operative Co. Ltd (MGC), MG Responsible Entity (MGRE) and/or their respective directors as relevant did not comply with their respective obligations as concerned the publication of the Product Disclosure Statement on 29 May 2015, and in particular as concerned financial forecasts for the FY2015 and FY2016 financial years;
- MGC and MGRE did not comply with the continuous disclosure obligations which applied to the MG Unit Trust (MGUT) after listing on 3 July 2015; and
- MGRE breached its fiduciary duties arising as trustee of the MGUT which it owed to Group Members, and contravened duties to Group Members to which it was subject as a responsible entity pursuant to the Corporations Act 2001 (Cth).
Justice Beach is overseeing both ASIC’s case (filed in June 2019) as well as the class action (filed in May 2017). Both proceedings relate to Murray Goulburn’s disclosures about farmgate milk prices in 2016. ASIC’s case is Australian Securities And Investments Commission v Gary Helou & Anor.
Shareholders who purchased units (units) in the MG Unit Trust:
- pursuant to the Product Disclosure Statement issued by the second defendant and dated 29 May 2015; and/or
- on or after 3 July 2015 and prior to 2 May 2017.