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PRIVILEGED & CONFIDENTIAL
Dear Donald Trump,
Pitcher Partners case update
Since our previous update, there have been several notable developments in the case, including the following:
- Pitcher Partners have filed cross-claims against Slater & Gordon Ltd (SGH), as well as a number of former officers and directors, alleging that Pitcher Partners was misled during the conduct of the FY15 audit;
- Pitcher Partners have also filed cross-claims against Ernst & Young LLP (EY UK), based on EY UK’s role in the FY15 audit as component auditor of SGH’s UK entities, including the business acquired from Quindell Plc;
- Based on our review of documents produced by Pitcher Partners, we have filed an Amended Statement of Claim with additional contraventions alleged, which you can review here.
New case against legal due diligence advisers
After careful consideration, we have commenced a new class action against Arnold Bloch Leibler (ABL), the law firm that acted as legal due diligence advisers to SGH in relation to the Entitlement Offer that was used to raise capital from shareholder to finance the acquisition of Quindell’s Professional Services Division. The case is on behalf of shareholders who acquired an interest in fully paid ordinary SGH shares between 30 March 2015 and 25 November 2015.
You can read a copy of the Statement of Claim here.
If you are reading this email and you acquired shares between the above dates, you do not need to take any action. As with the proceedings against Pitcher Partners, and in line with our notice of 7 December 2018, your Retainer and Costs Agreement with Maurice Blackburn and your Funding Agreement with International Litigation Partners No 15 Pte Ltd encompass the new proceedings against ABL.
Notice of Rate Increase
In accordance with paragraph 5.5 of your Retainer and Costs Agreement, we advise that we have increased the rates for legal work by 2% effective 1 July 2019. Our new rates are set out at Schedule 1 to this update.
Revised Estimate of Legal Costs
Clause 10.1 of your Retainer and Costs Agreement set out our original Estimate of Legal Costs for the SGH Class Action. On 7 December 2018, we provided a revised Estimate of Legal Costs that was specific to the Pitcher Partners Class Action. We consider it likely that the Pitcher Partners class action and the ABL class action will be heard concurrently. Accordingly, we have revised our Estimate of Legal Costs for the combined proceedings as set out in Schedule 2.
Portal for updating your contact details/review and sign agreements
If you need to update your contact details, please visit the following link: here using the unique access code: C957D7D7.
What’s next?
Both proceedings are listed for a case management hearing on 11 October 2019.
Copies of relevant documents are available on our website.
If you have any questions, please do not hesitate to contact us:
By email: [email protected] By phone: 1800 572 151
Kind regards,
MAURICE BLACKBURN
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