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National firm wins multimillion-dollar class action
A national law firm has won a multimillion-dollar class action in the Supreme Court of NSW, on behalf of approximately 1,900 Australians who suffered financial losses after investing in a now-defunct debenture issuer.
Emma Musgrave
Slater and Gordon has had its $28.5 million class action against Australian Executor Trustees Limited (AET) – the trustees of Provident Capital Limited – approved in the Supreme Court of NSW this week.
The action filed had alleged that the Trustee “failed in its duties to ensure that Provident would have sufficient property available to repay debenture holders when their investment came due”.
“Had AET acted sooner, the action alleged, substantial losses could have been avoided for some investors and minimized for others,” Slater and Gordon said in its claim.
Slater and Gordon head of class actions Ben Hardwick described yesterday’s judgment as an end to six-year battle on behalf of investors.
“This was a unique case and there has only ever been one other similar in terms of precedent. The length and complexity of this case was compounded by numerous cross claims and third party claims, as well as a complex opt-out process ordered by the court halfway through," Mr Hardwick said.
“The compensation that investors will receive from this settlement is, in addition to that, already provided by receivers.
“We will now ensure that this compensation gets into the hands of investors as soon as possible. We have a strong record of getting compensation into the hands of claimants swiftly, indeed, the recent Manus Island distribution was one of the fastest and most efficient settlement distribution processes ever.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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