March 31 2016: Shine Corporate Ltd today announces the execution of a settlement deed in relation to the Stanford and Dunsmore v DePuy International Ltd and Johnson & Johnson Medical Pty Ltd class action litigation (the DePuy Class Action).
The DePuy Class Action relates to medical products, namely, replacement hips. Shine Corporate Ltd’s wholly owned subsidiary Shine Lawyers Pty Ltd acts on behalf of the second applicant in the DePuy Class Action.
The settlement deed seeks to settle the DePuy Class Action for AUD $250,000,000 (inclusive of costs and disbursements) plus interest. The terms of the settlement are confidential between the parties and must be approved by the Court.
The settlement of the DePuy Class Action will not impact Shine Corporate Ltd’s financial results as revenue has been progressively brought to account in accordance with the relevant accounting standards. Subject to the timing of the Court’s approval, the settlement is expected to have a net positive impact on the Group’s Gross Operating Cash Flow in the first half of the financial year ending 30th June 2017. Shine Corporate Ltd will update the market once all settlement conditions have been satisfied.
If you believe you may have been affected by a DePuy hip replacement product, please read more here or contact us using the options below for information on your eligibility to join the class.