ARTICLE · 16 JUNE 2022

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Herbert Smith Freehills Kramer LLP

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In August 2020, an open funded representative proceeding was filed on behalf of shareholders against four former directors of Arrium Limited and its auditor, KPMG.

AustraliaLitigation, Mediation & Arbitration

In August 2020, an open funded representative proceeding was filed on behalf of shareholders against four former directors of Arrium Limited and its auditor, KPMG. It is alleged that the defendants made misleading or deceptive statements in the published financial results as to the compliance with AASB standards and failed to disclose material impairments of Arrium's assets in the period 19 August 2014 to 6 April 2016. The funder was Equite Capital No 1 Pte Ltd, a litigation funding company registered in Singapore.

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The plaintiffs sought, and were granted, a Group Costs Order in April 2022: Bogan v The Estate of Peter John Smedley (Deceased) & Ors [2022] VSC 201.

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