Bellamy’s class action
Maurice Blackburn, Australia’s leading class action firm, filed a class action against Bellamy’s Australia Limited (ASX:BAL) (Bellamy’s), in the Federal Court of Australia on behalf of the lead applicant, Peter Basil, (Basil v Bellamy’s Australia Limited FCA VID213/2017) for alleged breaches of its continuous disclosure obligations and for allegedly engaging in misleading or deceptive conduct regarding the growth prospects of the company and its infant formula trade (The Basil Class Action).
In November 2019, the parties reached an in-principle agreement to settle the class action, together with a related class action being conducted by Slater & Gordon, for $49.7m, inclusive of GST and costs. On 13 March 2020, the Federal Court approved the settlement.
Maurice Blackburn has been appointed the Administrator of the Settlement Distribution (Scheme).
In the week commencing 25 May 2020, Maurice Blackburn made payments to eligible Registered Group Members under the Scheme (Final Distribution Amounts). This included:
- EFT payments to eligible Registered Group Members who had provided their EFT details by early May;
- The sending of cheques to eligible Registered Group Members who had not provided their EFT details.
Following confirmation that their payment has been successful, Registered Group Members will be sent a Remittance Notice confirming their Final Distribution Amount.
No further payments are to be made to group members under the Scheme.
If you have any questions about the settlement please contact Maurice Blackburn on 1800 285 179 or by email to BellamyClassAction@mauriceblackburn.com.au
Who is part of the class action?
The class action was brought on behalf of people who acquired shares in Bellamy’s during the period 14 April 2016 and 12 December 2016 and who, as at 13 September 2017, had entered into a litigation funding agreement with Investor Claim Partner Pty Ltd and ICP Capital Pty Ltd (ICP). The right to register to participate in the class action closed some time ago. If you are not already registered you cannot participate in the settlement.
Key Court Documents