What is the EML Payments Shareholder Class Action about?
The EML Payments Shareholder class action alleges that EML mislead the market regarding compliance with Anti-Money Laundering / Counter Terrorism Financing laws in Ireland by its subsidiary, PFS Card Services Ireland Limited (PCSIL), who was operating in Ireland.
A timeline of relevant market announcements is outlined below, but in summary, commencing on 19 May 2021, EML disclosed to the market that the Central Bank of Ireland, the Irish regulator for Anti-Money Laundering / Counter Terrorism Financing, had raised concerns with respect to PCSIL’s risk and control frameworks and governance. In August 2021, EML announced that it had provided the Central Bank of Ireland with a remediation plan to be substantially complete by the end of 2021 with some remaining items to be remediated by the end of March 2022. Subsequently, in November 2021 the Central Bank of Ireland informed PCSIL and EML that it was minded to use its powers to restrict PCSIL’s growth until remediation efforts had been concluded. In December 2021 the Central Bank of Ireland issued this direction restricting growth. EML made representations to the market regarding the timing of the remediation program and the likelihood of the growth restrictions being lifted. In July 2022, EML announced to the market that its remediation efforts remained ongoing and expected its remediation to be completed in 2023. In short, it is alleged that the timing and cost of the remediation program was not appropriately disclosed to the market, thereby misleading investors.
This class action seeks compensation on behalf of EML shareholders who suffered loss as a result of EML’s alleged misleading and deceptive conduct and breach of continuous disclosure obligations.
Background to the EML Payments Class Action
The following timeline highlights the series of events that led to the drop in market value of EML’s shares:
Case Documents
Frequently Asked Questions
What is a class action?
What is a class action?
When Governments, large companies or institutions do the wrong thing and people are harmed or suffer loss as a result, an individual can have little to no means of bringing a legal claim.
Class actions are an important mechanism within Australia’s legal system that allow large groups of people to come together to pursue a claim collectively.
For a class action to take place, there are three criteria that need to be met:
there must be 7 or more people that have claims against the same defendant; and
the claims relate to the same or similar circumstances; and
the claim must relate to at least one common issue of law or fact.
For more information about how class actions resolve, click here.
How long do class actions take to resolve?
How long do class actions take to resolve?
It can take up to several years for a class action to resolve. The time taken from case commencement through to resolution and settlement administration depends on the particular case, and the nature of the claim.
For more information about class actions and how they work, click here.
Does it cost anything to join a class action?
Does it cost anything to join a class action?
Shine Lawyers is committed to ensuring that everyone, regardless of their background or financial situation, has access to justice. We run our class actions in a way that means you are not exposed to any costs or financial risk, so joining a class action will cost you nothing.
When a class action is successful, the legal fees and costs to run the class action are deducted from the settlement amount that is approved by the Court. If the class action is unsuccessful, we will ensure there are no out-of-pocket costs to you.
Will my contact details be kept private?
Will my contact details be kept private?
Yes, your contact details will remain confidential and we will seek your consent before disclosing any of your personal information (including before such disclosure is required by the Court).
Shine Lawyers will only use your personal information strictly for the purpose of the legal proceedings.
