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ARTICLE · 25 NOVEMBER 2010

Settlement of class actions- a "bird in the hand" approach

Corrs Chambers Westgarth
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The Federal Court recently handed down its reasons for approving the settlement of the Multiplex shareholder class action in P Dawson Nominees Pty Ltd v Brookfield Multiplex Ltd (No 4) [2010] FCA 1029. This decision provides insight into the factors the court will consider in deciding whether to approve a proposed class action settlement.

AustraliaLitigation, Mediation & Arbitration
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By Camille Goucke and Victoria MacMillan

The Federal Court recently handed down its reasons for approving the settlement of the Multiplex shareholder class action in P Dawson Nominees Pty Ltd v Brookfield Multiplex Ltd (No 4) [2010] FCA 1029. This decision provides insight into the factors the court will consider in deciding whether to approve a proposed class action settlement.

Background

The Multiplex class action was brought on behalf of purchasers of securities issued by the Multiplex companies between August 2004 and May 2005. The shareholders alleged that Multiplex had breached its continuous disclosure obligations and engaged in misleading and deceptive conduct in relation to profit forecasts in respect of three construction projects, including the Wembley Stadium in the UK.

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