SLATER AND GORDON TO SETTLE CLASS ACTION FOR $36M
Written on the 11 July 2017 by Ben Hall
Slater and Gordon (ASX: SGH) has agreed to settle one of the class actions brought against it by angry shareholders which is expected to cost the firm $36.5 million.
Slater and Gordon confirmed they are facing two class actions and possibly a third as its shareholders chase compensation for the massive drop in the firm's value following its disastrous $1.3 billion acquisition of British professional services firm Quindell in 2015.
Not only has the company been forced to enlist an army of secondary debt buyers in order to stay afloat, it is also the subject of a class action lawsuit brought by Maurice Blackburn on behalf of aggrieved SGH shareholders, led by Matthew Hall.
Author: Ben Hall