$49m settlement reached in large wine class action

The firm has been fighting for the class since 2014

$49m settlement reached in large wine class action
Maurice Blackburn has confirmed that shareholders who pursued a class action against Treasury Wine Estates Limited (TWE) have secured an in-principle $49m settlement.

The settlement’s details, which are subject to a confidential deed, are up for court approval. It could end the action pursued by the firm for the class since July 2014.

Maurice Blackburn class action principal Miranda Nagy led the firm’s team on the case.

“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,” she said.

TWE, which does not admit liability in the settlement, was accused of breaching continuous disclosure obligations and the prohibition of misleading or deceptive conduct. The allegations stemmed from TWE’s July 2013 announcements provisions of up to $160m to address more than 18 million bottles of overstock in TWE’s American distributors.

IMF Bentham funded the litigation.


Related stories:
Sydney firm, litigation funder go after Woolworths
Firm appoints social justice practice head

Free newsletter

Subscribe to our FREE newsletter service and we’ll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Please enter your email address below and click on Sign Up for daily newsletters from Australasian Lawyer.

Recent articles & video

10 elevated to senior roles in Kennedys Australia in landmark promotions round

Clifford Chance flexes renewable energy muscle on $180m Victorian wind farm investment deal

Legal legend Ruth Bader Ginsburg loses cancer battle

UK insurance test case ruling is ‘an important decision for Australian policyholders,’ HSF says

Hall & Wilcox, G+T advise on investment in smartphone mount startup

Brexit battle leads to resignation of UK government’s longest-tenured justice minister

Most Read Articles

‘I used to work myself too hard and complain about it, but not anymore’

Clifford Gouldson Lawyers elevates five

Lander & Rogers reveals new look in rebranding initiative

UK insurance test case ruling is ‘an important decision for Australian policyholders,’ HSF says