What is the Brambles class action about?
This class action, the Brambles Class Action, is brought by the Applicants, Holly Southernwood and William Vincent Kidd and Mary Agnes Collum as Trustees for The Magness-Bennett Superannuation Fund, on their own behalf and on behalf of all shareholders who acquired Brambles shares during the period 18 August 2016 and 17 February 2017 (inclusive).
In the Brambles Class Action, the Applicants are being jointly represented by Maurice Blackburn and Slater and Gordon. The Brambles Class Action is being jointly funded as it progresses in relation to common issues by litigation funders Harbour Fund III, L.P. (Harbour
) and Omni Bridgeway Ltd (Omni Bridgeway
It is alleged that group members have claims against Brambles in relation to guidance provided by the company in its FY16 results (and reaffirmed on subsequent dates) regarding expected revenue and profit growth during the financial year ending 30 June 2017 (FY17
The Applicants’ claim alleges that between 18 August 2016 and 17 February 2017 (inclusive) (the Claim Period):
- Brambles made representations to investors in relation to its FY17 financial forecasts that were misleading and/or lacked a reasonable basis;
- Brambles breached its continuous disclosure obligations under the ASX Listing Rules and the Corporations Act 2001 (Cth) by failing to revise earlier its FY17 forecasts and release material information; and
- as a result, investors who purchased Brambles shares at any time during the Claim Period suffered compensable loss. The allegations made by the Applicants in the class action are set out in full in the amended consolidated statement of claim filed in the Court.
Brambles has denied the allegations made against it and is defending the action.
Update on Proceeding
Opt Out and Claim Registration Notice
On 6 August 2021, the Court made orders for a registration and opt out process to occur in the Brambles Class Action. This includes orders for a notice to be sent to potential group members which provides important information about:
- the Brambles Class Action and who are group members in it, together with information about the basis on which it is being conducted;
- what you need to do if you do not wish to participate in the Brambles Class Action, and instead wish to remove yourself (‘opt out’) from being a group member in the Brambles Class Action; and
- the Applicants’ solicitors are encouraging interested group members to register before 4.00 pm AEDT on 14 October 2021. Registration is optional, however if you wish to register for the Brambles Class Action you can do so by clicking on the “Register” button above.
A copy of the notice approved by the Federal Court of Australia is available for download here. It was also separately distributed to potential claimants via Brambles’ shareholder registry from around 17 August 2021. Please note that the deadline for opting out of the Brambles Class Action is by 4.00 pm AEDT on 14 October 2021. Group members who wish to opt-out of the class action may wish to seek independent legal advice prior to doing so.
Any questions you have concerning the matters contained in the notice should not be directed to the Court. If there is anything of which you are unsure, you should seek your own legal advice or contact Omni Bridgeway by email on [email protected] or free call 1800 016 464, or contact Maurice Blackburn or Slater and Gordon via the contact details below.
How much will it cost to be part of the class action?
The class action is being run on a no win - no pay basis, with all costs fully underwritten by Omni Bridgeway and Harbour. You will not become liable for any legal costs simply by remaining a group member or by registering your claim. You will not be required to pay any upfront or out-of-pocket costs in relation to the class action as it progresses in relation to common issues.
In other words, costs are only payable by group members if, and only in the event, a successful outcome is achieved either at settlement or by judgment (and then only by way of a deduction from any amount to which the group members are entitled from that outcome).
How do I sign up?
If you wish to remain a group member there is nothing you need to do at the present time. The Applicants will continue to bring the proceeding on your behalf up to the point where the Court determines those questions that are common to the claims of the Applicants and the group members. You will be bound by any judgment or settlement in the Brambles Class Action, and thus if the Brambles Class Action is ultimately unsuccessful, or is not as successful as you might have hoped, you will not be able to pursue the same claims, and you may not be able to pursue related claims, against Brambles in other legal proceedings.
Registration is optional and is not required at the present time to participate in the Brambles Class Action. However, you are encouraged to register for the Brambles Class Action now, by completing and submitting the online registration form at the “registration” button above. Further information is set out in the opt-out notice regarding registration and other options available to you.
If you wish to become a funded client of either Omni Bridgeway or Harbour you can do so by contacting:
If there is anything about which you are unsure, you should seek your own legal advice or contact:
You can download the following key documents below: