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IOOF class action settled without payout

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Financial services group IOOF announced today a class action filed against it alleging breach of duties as superannuation trustees has been “discontinued, with no order as to costs”.

IOOF says in a statemen that it is “making no payment to the plaintiff, its lawyers, its funder or any other class member as part of this settlement.”

The company says it is very pleased with the outcome after reaching an agreement with law firm Quinn Emanuel Urquhart & Sullivan, which filed the legal action in April last year in the NSW Supreme Court.

“The settlement requires court approval and the plaintiff has agreed to seek this approval at the earliest opportunity,” IOOF says in the statement.

Quinn Emanuel Urquhart & Sullivan filed the class action after IOOF executives gave evidence at the Hayne royal commission into financial sector misconduct. It said the evidence given showed IOOF’s conduct breached its continuous disclosure obligations under the Corporations Act and ASX listing rules.