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Australian Capital Reserve Class Action

Background

On 27 May 2013, Slater and Gordon commenced a class action on behalf of George and Ann Camilleri (the Applicants) and certain people who held debentures issued by ACR at the time of its collapse (group members). Group members:

  1. were issued debentures (also called “Deposit Notes”, “Unsecured Deposit Notes” or “Unsecured Deposit Notes”) by ACR on or after 17 November 2005;
  2. still held those debentures when ACR collapsed on 28 May 2007; and
  3. did not file an “opt out notice” with the Federal Court by 24 July 2015.

The class action was against The Trust Company (Nominees) Limited (formerly known as Permanent Nominees (Aust) Ltd) (the Trust Company).  

Court Approved Settlement

On 18 December 2015, the Federal Court of Australia approved the settlement of the class action, which provided for Trust Company to pay the sum of $25 million (plus simple interest accrued on that sum from 30October 2015 to the date of payment).

The Court also approved a Settlement Distribution Scheme (the Scheme), which sets out how the settlement sum is to be distributed.

In accordance with the Scheme, potential group members were sent a letter enclosing a Notice of Claim Data and Preliminary Distribution Estimate (together Claim Papers). The Scheme includes a process for group members to seek a review of their Claim Data, initially by the Scheme Administrator and then, if required, by independent counsel. This process is now complete.

Settlement Distribution

In accordance with the Scheme, having completed the above review process, the Scheme Administrator has now determined each group members’ entitlement and has sent by post to group members their settlement distribution.

Group members are reminded that settlement distribution cheques must be banked before 26 August 2016. Any cheque that remains unpresented as at 26 August 2016 will be cancelled and the monies dealt with in accordance with the provisions of the Scheme.

We are currently administering the review processes under the Scheme, and anticipate that distributions will be made to group members in accordance with the Scheme in the first half of 2016.

We will continue to update this webpage with information regarding the settlement distribution process, and encourage group members to check this page regularly for updates on the distribution process. If you are a group member but have not yet received your settlement distribution cheque you can contact us on 1800 751 301 or by email at acr@slatergordon.com.au.

Documents

The following documents can be downloaded by clicking on the relevant link: