Australia’s “largest shareholder class action” has been settled for $144.5 million. Yesterday in the Federal Court, plaintiffs’ law firm Maurice Blackburn and defendant Aristocrat Leisure jointly asked the court to approve the settlement agreement the sides struck in May.
According to The Sydney Morning Herald, the $144.5 million settlement is Australia’s largest ever, exceeding the $112 million settlement in the GIO case in 2003. The Aristocrat case was settled after a full trial in October 2007, and was supported by prominent litigation funder, IMF (Australia). IMF, which paid the legal fees and took the risk of an adverse costs order, reportedly expects to receive about $37 million from the settlement proceeds.