Light at the end of the tunnel with $121 million settlement
1 June 2016
Maurice Blackburn’s clients who invested in Brisbane’s Clem7 road tunnel have today secured an important conditional settlement of $121 million in a long-running class action.
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. A copy of the pleadings in this class action can be accessed on Maurice Blackburn’s “RiverCity Class Action” web page.
The costs inclusive settlement of $121 million has been secured on a “no admissions” basis by the defendants.
Maurice Blackburn class action Principal, Ben Slade said today that the settlement is in the interests of the group members and that it is appropriate to resolve the class action.
“This result has been achieved because we have an effective class actions regime,” Mr Slade said.
“It is because we have an impressive class actions facility in Australia that people who claim to be aggrieved can get justice even though their claims may be against well-resourced organisations.”
The parties will now apply for the Court’s approval of the settlement and a proposed distribution scheme before the result can be finalised. The return Court date for that hearing is yet to be fixed.