Class action lawyers Slater and Gordon brought a claim against Australian Executor Trustees Limited on behalf of persons (“group members”) who:
- held debentures issued by Provident Capital Limited as at 29 June 2012;
- have not opted out of the class action; and
- did not elect to participate in the separate class action being conducted by Meridian Lawyers.
On 9 August 2018, the Supreme Court of New South Wales made orders for a notice to be sent to group members informing them of a proposed settlement of the proceedings.
The notice below is for those who are group members in the Slater and Gordon class action.
Court approved settlement
On 23 October 2018, the Supreme Court of New South Wales approved the $28.5 million settlement of the Provident Capital class action. The Court ordered that Slater and Gordon administer the settlement in accordance with a Settlement Distribution Scheme, which it also approved as part of its decision.
The Settlement Distribution Scheme sets out in detail how the settlement is to be administered for the benefit of group members. In approving this document, the Court also approved the formula by which each Participating Group Member’s loss (if any) is to be calculated, based on the dates and amounts of their individual debentures with Provident that have not to date been recovered as part of the company’s receivership.
In the coming weeks, Slater and Gordon Lawyers will be writing to all group members to provide detailed information about their final payment amounts and the process for making payments in the settlement. We anticipate being able to begin making payments to group members before 31 December 2018.
Contact the Provident Class Action team
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