SurfStitch Class Action & Administration Update

SurfStitch Class Action & Administration Update

On 12 June the Plaintiffs, funders ILP and Vannin, and Defendants (including Chubb) attended mediation before the Hon Peter Jacobson QC.

An agreement in principle was reached, however the parties continue to negotiate terms of the settlement, which are presently confidential.  Group Members will be informed of relevant details once settlement is finalised. It is expected however, that the Hon Peter Jacobson QC will need to resume his role as mediator to assist the parties.

Once the terms of settlement are finalised, the Plaintiffs will then seek Court Approval of the settlement reached. Part of that approval, will include orders for Opt Out and Registration in relation to participating in the settlement.

The matter has been adjourned to 13 September, before the Court will provide further directions on the next interlocutory steps.

We will continue to keep Group Members advised via our website, but we encourage all who meet either the Acquisition Class or Retention Class as defined in the McConnell Proceeding and below, to register via our home page, including uploading trade details, together with proofs of your trades as soon as possible.

  1. Acquisition Class

Shareholders who acquired shares between 23 October 2015 and 9 June 2016 and retained shares on any of 25 February 2016, 3 May 2016 or 9 June 2016.

  1. Retention Class

Shareholders who already held shares on 23 October 2015 and retained shares during the above periods relying on the forecasts and statements issued by SurfStitch.

Resignation of Quinten Olde as Deed Administrator

We have received notice from the Deed Administrators Quentin Olde has resigned from his position as one of the three Deed Administrators of SGL and SHPL effective 27 September 2019. Joseph Hansell and John Park continue in their positions, and the administration continues as before.

Please direct your queries regarding the administration of SGL and SHPL to FTI Consulting.

Should you otherwise have any queries, please contact a member of our team.

Glenn McGowan QC

Partner & Chief Counsel

Rebecca Di Rago


This update does not constitute legal advice and should not be relied upon as such. It is intended only to provide a summary and general overview on matters of interest and it is not intended to be comprehensive. You should seek legal or other professional advice before acting or relying on any of the content.