Market Update: Manus Island Class Action
Slater and Gordon Limited (ASX:SGH, “Slater and Gordon”) announces that an in principle agreement has today been reached to settle the landmark Manus Island class action for $70m, plus the legal costs of the lead plaintiff and group members. This is subject to Court approval. The class action is being run by Slater and Gordon Lawyers on behalf of detainees who were held at the Manus Island detention centre between 21 November 2012 and 12 May 2016.
Legal costs will be in addition to the conditional settlement amount. The total legal costs (including professional fees and disbursements) are expected to be more than $20m and will be subject to independent assessment and Court approval.
SGH Price at posting:
10.0¢ Sentiment: Hold Disclosure: Held
