Treasury Wine Estates Limited class action
Court approval of TWE Class Action settlement
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 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.
The Court appointed Maurice Blackburn as Administrator of the Settlement Distribution Scheme (SDS) and, as at 30 June 2018, all settlement distribution payments have been made to eligible group members. Maurice Blackburn will seek dismissal of the proceeding, in accordance with the terms of the SDS, in due course.