IOOF class action discontinued

The wealth giant told the market on Monday it had reached the agreement in the Supreme Court of NSW for the action to be discontinued with no order as to costs.

IOOF would make no payment to the plaintiff, its lawyers at Quinn Emanuel, its funder Regency, or any other class member as part of the settlement.

Details of the action broke in March last year, when Quinn Emanuel indicated it would file a claim against the wealth group on behalf of shareholders who acquired shares between 27 May 2015 and 9 August 2018.

The legal firm had alleged that during the period, IOOF contravened its continuous disclosure obligations under the ASX listing rules and engaged in misleading or deceptive conduct.

The case was built around IOOF’s shares losing more than 35 per cent of their value following revelations at the royal commission, and the commencement of various proceedings against IOOF subsidiaries and officers related to breaches by APRA.

Shine Lawyers filed a similar class action in the Federal Court almost a year later in February.

The settlement requires court approval, with the plaintiff agreeing to seek it at the “earliest opportunity”.

IOOF said it was “very pleased” with the outcome.