While Shine Lawyers may have dodged any material cost, it is yet to be revealed whether the settlement involved any significant payout by an insurer.
In September 2017, Quinn Emanuel led a shareholders class action, publicised to be worth $250 million, against Shine Corporate (Shine Lawyers) related to a share price fall over accounting treatments.
Shine Corporate Ltd announced (29/5/19) through the ASX, “that a settlement agreement has been executed to finalise the shareholder class action … The terms of the settlement agreement are confidential and are subject to Court approval.”
“The Company has, throughout the course of the matter, denied liability for all claims made and continues to do so. The settlement is without any admission of liability.
“The Company’s contribution to the settlement and the costs of completing the matter will not be material and will have no impact on the Shine Group’s earnings, cash position or balance sheet.
“The Company will update the market once the settlement agreement has been approved by the Court.”