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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 18 May 2021, you may be eligible to join this 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%.

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 18 May 2021.

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.

Sign up for the class action

Register now

If you have any questions or require any assistance in registering for the class action, please contact our EML Payments Shareholder Class Action team on 1800 325 172. 

Who is Shine Lawyers’ Class Action Team?

Shine Lawyers’ Class Action Team includes some of the firm’s most experienced solicitors and support staff. The team includes:

Common Questions

There are three criteria that need to be fulfilled for a class action to take place:

  • There must be seven or more people claiming;
  • The claims must arise out of the same, similar, or related circumstances; and
  • The claim must relate to at least one common issue of law or fact.

Class actions in Australia work on an opt-out model. This means that all potential claimants become group members of the action whether they intend to participate or not. These group members are bound by the judgment of the court or settlement unless they opt-out. The group members in a class action are usually notified about the class action by order of the Court.

Due to the size of each individual claim, the costs of running this action as an individual would quickly exceed the potential damages recoverable. As each group member’s claim involves many common questions of fact and law, running this action as a class reduces the average cost of litigation to a client by only addressing the common issues once at trial, instead of multiple times.

Due to the nature of class actions, the first stage of the proceedings can take between twelve months to three years or more from its commencement.

Unless a settlement is reached, the first stage will only resolve the representative’s claims and the common issues of the proceedings, with group member claims to be resolved individually at a second stage of the proceedings.

It costs you nothing to join the class action. Group members will have no liability for legal costs if the class action is unsuccessful.

Shine Lawyers is acting on the basis that the Applicants in the proceeding will seek a Group Costs Order (GCO). If the Court makes a GCO, then the legal costs payable to Shine Lawyers will be calculated as a percentage of any settlement or judgment amount. This means that Shine Lawyers does not get paid its costs unless the proceedings are successful.

Shine Lawyers was founded in 1976 in Queensland, with Shine Justice listed on the Australian Stock Exchange in 2013. As one of Australia’s largest litigation law firms, Shine Lawyers is comprised of a hardworking, straight-talking team of people who have the clout to take on Australia’s biggest cases.

The lawyers running this action at Shine Lawyers are led by Jan Saddler, a solicitor with almost 30 years’ experience in Australia and the United Kingdom running complex legal disputes.

Jan has worked for one of the largest commercial law firms in Australia, where she was involved in several class actions and multi-party disputes. She has also worked at a global professional services firms as an in-house lawyer, running and managing disputes involving claims worth more than $250 million.

Since joining Shine Lawyers in 2011, Jan and her team have delivered exceptional results for everyday Australians. These include high profile outcomes against Johnson & Johnson / Ethicon for defective mesh implants, as well as for the people of Oakey and Katherine affected by PFAS contamination.