In-principle Settlement of TWE Class Action
Shareholders in Treasury Wine Estates that pursued a class action against the liquor giant on 28 August 2017 secured an in-principle $49million victory in their action.
The settlement details, as per the confidential deed, are now subject to a Court approval process and the settlement is without admission of liability by TWE.
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 will also be emailed to Registered Group Members in accordance with the Court’s orders.