Federal Court approves $121 million RiverCity settlement
10 August 2016
Australia’s leading class action law firm, Maurice Blackburn Lawyers, has secured a class action settlement of $121 million for hundreds of clients who invested in Brisbane’s Clem7 road tunnel, with the Federal Court officially approving the settlement.
The action was commenced on 31 May 2012 in the Federal Court of Australia. The claim alleged that investors suffered loss as a result of misleading traffic forecasts for the Clem7 tunnel.
Maurice Blackburn class action Principal Ben Slade, said that the settlement has been endorsed by the Court and group members and that it is an appropriate solution to resolve the class action.
“This result means we have delivered nearly 700 clients in this action the largest financial product investment class action settlement ever achieved in Australia, which means real redress for people who lost hard-earned money,” Mr Slade said.
“The Court has endorsed the result for our group members. This case is further evidence of the effectiveness of the class actions regime in delivering real and meaningful justice for wronged people who would not otherwise be able to get redress.
“It is because we have an impressive, mature and well-functioning class actions system operating in Australia that people who claim to be aggrieved can get justice even though their claims may be against well-resourced organisations.”
The costs inclusive settlement of $121 million has been secured on a “no admissions” basis by the defendants.