Filed in Supreme Court of Victoria.
Registration is now open.
Am I eligible to join the class action?
You're eligible to register if you:
- purchased Crown shares in the period from 11 December 2014 to 18 October 2020; or
- held Crown shares as at the commencement of trade on 11 December 2014 and still held some Crown shares as at 18 October 2020.
If you're eligible to register, you will be asked to enter all trade data in Crown shares back to 2007.
About this class action
Maurice Blackburn, on behalf of our client Greg Lieberman, has filed a class action in the Supreme Court of Victoria against Crown Resorts Limited (ASX:CWN) alleging that in the period from 11 December 2014 to 18 October 2020, Crown had inadequate systems and processes for ensuring compliance with its obligations under anti-money laundering laws, including as they applied to its VIP international business and engagement with overseas junket tour operators, and also had inadequate systems and processes for ensuring compliance with its casino taxation obligations.
The class action follows explosive evidence by Crown directors and executives at the NSW Casino Inquiry in 2020 (and at subsequent Royal Commissions in Victoria and Western Australia), and a concession from Crown it was “more probable than not” that criminals had laundered money through bank accounts of its subsidiaries. At the AGM on 22 October 2020, chairwoman Helen Coonan “unreservedly apologised” for Crown’s “governance and risk management failings”.
The claim alleges that Crown engaged in misleading and deceptive conduct; breached its continuous disclosure obligations; and conducted its affairs contrary to the interests of members as a whole in the period.
This class action has been launched following Crown’s ASX announcement early on 19 October 2020 that the anti-money laundering regulator, AUSTRAC, had initiated a formal enforcement investigation into Crown having identified potential non-compliance in relation to ongoing customer due diligence, and adopting, maintaining and complying with an anti-money laundering / counter-terrorism financing program. Following that announcement, there was a significant market response, with a decline in the Crown share price of over 8% on 19 October 2020.
The class action aims to recover compensation from the company.
Earlier class action against Crown – Crown Resorts I Class Action (China arrests)
This is the second class action Maurice Blackburn has launched against Crown. Maurice Blackburn previously ran a class action against Crown on behalf of shareholders who purchased Crown shares in the period 6 February 2015 to 16 October 2016. That case followed on a fall in the company’s share price on 17 October 2016 after revelations that 19 Crown employees had been detained in China on suspicion of engaging in illegal marketing of its gambling services. That class action has now settled, and registrations for it are closed.
If you were a class member in the first Crown Resorts Class Action, you will still need to register separately for the Crown Resorts II Class Action should you wish to participate in it.
Frequently asked questions
Signing up to this class action will not expose you to any upfront costs. All costs in the proceeding will be borne by the Maurice Blackburn unless and until there is a successful outcome. In the event of a successful outcome, any costs payable by the Maurice Blackburn will be deducted from, and will not exceed, any compensation that you are entitled to receive. All such costs are required to be considered and approved by the Court.
No funding commission will be payable to a third party litigation funder as there is no third party litigation funder involved in the class action.
On 22 December 2022, the Supreme Court of Victoria made a group costs order (GCO) in relation to this proceeding. This means that, in the event of a successful outcome in this proceeding, the legal costs will be calculated as a percentage of the amount which is ultimately recovered for the benefit of group members, as follows (subject to the power of the Court to amend the GCO at a later date):
For each dollar of resolution sum that is recovered between:
The applicable GCO percentage (incl GST) is:
$0 - $100 million
$100.1 million - $150 million
Over $150 million
During the online registration process, we will ask you for the following details
- an email address, which you check regularly;
- the claimant’s Holder Identifier Number (HIN) or relevant Security Holder Reference Number (SRN), if you know it;
- information on your shareholdings:
- if the claimant’s shares are held on his, her or its behalf by another person or entity (such as a broker or custodian), details of both those persons or entities and the capacities in which they held those shares;
- if the claimant holds the shares jointly with another person, that other person’s name;
- if the claimant has multiple holdings of shares, separate transaction details for each holding;
- the date, quantity and price of the claimant’s Crown (CWN) share purchases and sales from 2007 to 18 October 2020.
- Institutional investors are invited to register but are not required to provide details of holdings and share transactions in the registration portal. Please contact Maurice Blackburn on 1800 497 192 or at CrownAML@mauriceblackburn.com.au to provide your contact details and receive an Institutional Investor Claim Package. The Claim Package includes a trade data template for you to complete and return to us.
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