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 are persons who:
- were issued debentures (also called “Deposit Notes”, “Unsecured Deposit Notes” or “Unsecured Deposit Notes”) by ACR on or after 17 November 2005;
- still held those debentures when ACR collapsed on 28 May 2007; and
- 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. The Court also approved a Settlement Distribution Scheme (the Scheme), which sets out how the settlement sum is to be distributed.
The distribution of the settlement funds under the Scheme is now complete and the Scheme has been finalised.