The MB Class Action(CA) were after $250m. SGH just settled this and ALL other CA rolled into one for $36.4m. $32.5m is from insurance, and $4m is from SGH's funds they were just granted in June.
This is good news because, as per the announcement, SGH admit no fault and no one else can raise a CA about this issue. The CA members get peanuts after legal fees etc. It has now removed all pending bad news for the company. ASIC investigation is gone. CA's are now gone (upon approval). We are going after Quindell for all the money back. We have our own CAs for places like Manus island. SGH did not get liquidated and were thrown a lifeboat by Anchorage.
As dannyleb said, the wheels have begun to spin again. There is light at the end of the tunnel.
The MB Class Action(CA) were after $250m. SGH just settled this...
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