SurfStitch Class Action Update

SurfStitch Class Action Update

IMPORTANT NOTICE TO GROUP MEMBERS

Proceedings 2017/193375 & 2017/347082

14 September 2020

As we advised in our update of 11 June 2020, the Plaintiffs’ new loss evidence and costs evidence and submissions were filed with the Court on 26 May 2020.

On 4 August 2020, the Contradictor filed submissions in respect of the Plaintiffs’ evidence and objections.

On 21 August 2020, the Plaintiffs filed their reply submissions.

Due to the Contradictor’s delays (and in consequence the plaintiffs’ delays), the remaining timetable for the proceeding was revised by consent between the parties, and the next step for the plaintiff is to circulate the index to the Court Book amongst the parties.

On 3 September 2020 the SurfStitch Deed Administrators filed their proposed electronic Court Book index in respect of their application for Justification to enter into the Settlement Deed the subject of the class action. The hearing of the Deed Administrators’ application will be heard at the same time of the Settlement Approval hearing as they are intertwined.

The Settlement Approval Hearing remains listed to be heard before the Court on 20 October 2020 with an estimated duration of two (2) days. At this stage, due to COVID-19, an electronic hearing will still be conducted. Despite the plaintiffs’ attempts to bring the settlement date forward, we have been unable to do so due to the court’s limited availability prior to 20 October.

Once Settlement Approval is granted by the Court, settlement distribution will occur in accordance with the Amended Settlement Distribution Scheme approved by the Court. We are unable to say with specificity how much each group member will receive at this stage, as the Deed Administrators’ proof of loss process under the SurfStitch Deed of Company Arrangement needs to be finalised and will feed funds and convertible notes into the SDS for those Continuing Group Members whose registrations have been accepted under both schemes. This is unlikely to be known until closer to Settlement Approval. Importantly, those Continuing Group Members who have registered under the class action settlement, and who have otherwise not been contacted by the Deed Administrators or Gadens in respect of trade data queries do not need to lodge proofs with the Deed Administrators at this stage. Gadens has and are attending to that on behalf of those Continuing Group Members.

Should Continuing Group Members have any other queries or concerns in relation to your registration under the class action settlement, please contact the Gadens Team via email at vic-surfstitch@gadens.com or call our office on 03 9252 2555.

No further action by group members is necessary at this stage.

We will continue to provide group members with updates via our website and encourage registered members to periodically review this news feed.

 Glenn McGowan QC

Partner & Chief Counsel

Rebecca Di Rago

Associate

vic-surfstitch@gadens.com

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.