Treasury Wine Estates Limited class action
In-principle Settlement of TWE Class Action
On 10 November 2017, the Federal Court of Australia approved a $49 million settlement of the Treasury Wine Estates Class Action, Brian Jones v Treasury Wines Estates Limited (ACN 004 373 862) Federal Court Proceeding NSD 660 of 2014.
The Court has appointed Maurice Blackburn as Administrator of the Settlement Distribution Scheme that will be adopted for the distribution of funds to group members. On the current timetable, compensation from the proceeding will be distributed to eligible class members in early 2018.
Class Actions Principal at Maurice Blackburn, Miranda Nagy, said the case, which began in 2014, was extremely hard fought and the result was hard won.
“The result is a vindication of the class action regime and its capacity to provide a real result for shareholders and to promote market integrity and transparency for investors,” Ms Nagy said.
The case concerned alleged breaches of continuous disclosure laws in relation to TWE’s announcement in July 2013 of up to $160m in provisions to address an excess of 18 million bottles of wine held by TWE’s distributors in the United States.
Notice of Proposed Settlement and Assessment
On 14 September 2017 the Court ordered that a Notice of Proposed Settlement and Assessment be given to Registered Group Members, being those persons who registered to participate in the settlement pursuant to Orders 10–13 made by Foster J on 23 March 2017. The link to the Notice is below and the Notice was also emailed to Registered Group Members in accordance with the Court’s orders.