Timetable for mediation and trial
In February 2024, the Court made orders timetabling the class action up to trial. 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?
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:
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.
Why Choose Shine Lawyers?
In successful settlements and judgments
We have secured more than $1 billion in class action settlements and judgments for our group members.
years of collective experience
Our team includes the country’s most experienced class actions experts and litigators with the skill, industry insight and dedication to deliver the best possible outcomes for deserving Australians.
dedicated class actions team members
We are proudly one of the largest class actions teams in the country. Our senior practitioners are supported by a dedicated team devoted to the complex field of class actions.
