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EML Payments Shareholder Class Action

Shine Lawyers is seeking compensation on behalf of shareholders who suffered losses after acquiring EML Payments Ltd (‘EML’) shares. On 16 December 2021, Shine Lawyers filed a class action against EML Payments in the Supreme Court of Victoria.

If you acquired EML shares between 19 December 2020 and 25 July 2022, you may be eligible to join this class action.

Register for the class action

Timetable for mediation and trial 

In February 2024, the Court made orders timetabling the class action up to trial. This includes orders for discovery, evidence and mediation. Mediation is scheduled to take place by 30 May 2025, however if the matter does not settle, it will proceed to trial, commencing on 4 August 2025.  

Group Costs Order Awarded 

In November 2022, the Supreme Court of Victoria approved a Group Costs Order (GCO) at a rate of 24.5%. This means that the legal costs of the EML Class Action will be calculated as 24.5% of the amount of any settlement or judgment awarded in the case, unless varied by the Court at a later stage. By awarding the GCO, the Court recognised that the order was appropriate or necessary for justice to be done in the proceeding. 

A GCO allows legal costs to be calculated as a percentage of the amount of any judgment or settlement that may be recovered in the proceeding, on the basis that Shine Lawyers accepts the risk of paying EML’s legal costs if the case is unsuccessful. Group Members will not be exposed to any out of pocket costs as a result of their participation in the class action. 

What is the EML Payments Shareholder Class Action about?

It is alleged that EML’s conduct and subsequent market announcement resulted in a fall in share price, causing shareholders to suffer financial loss.

On 19 May 2021, EML made a market announcement regarding correspondence that EML’s subsidiary, PFS Card Services Ireland Limited, had received from the Central Bank of Ireland. The correspondence was concerning Anti-Money Laundering / Counter Terrorism Financing, risk and control frameworks and governance. Following this announcement, EML’s share price fell by 45%.

Following additional market announcements associated with further regulatory concerns and inadequacies identified in EML’s remediation efforts, EML’s share price fell for a second time.

This class action seeks compensation on behalf of EML shareholders who suffered loss as a result of EML’s alleged:

  • Misleading and deceptive conduct

  • Breaching of continuous disclosure obligations regarding potential non-compliance with relevant Irish and European regulations.

Can I join the EML Payments Shareholder Class Action?

To be part of this class action, you must have:

Purchased shares in EML Payment Limited during the period of 19 December 2020 and 25 July 2022.

If you meet the above criteria, you may be entitled to compensation, and you are encouraged to register for the EML Payments Shareholder Class Action.

How to register for the EML Payments Shareholder Class Action

To register on a confidential, no-cost, no-obligation basis, please click the button below and fill out the form.

Register for the class action

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:

 EML Share Price Drop 

Frequently Asked Questions

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:

  1. There must be 7 or more people that have claims against the same defendant; and

  2. The claims relate to the same or similar circumstances; and

  3. 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?

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?

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?

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.

Meet the EML Payments Shareholder Class Action team

Shine Lawyers’ EML Payments Shareholder Class Action team includes some of the firm’s most experienced litigators, solicitors and support staff. You can learn more about the team running this class action by clicking on their profile below. 

Why Choose Shine Lawyers?

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