Ardent Leisure Group Class Action

Settlement

The Ardent Leisure class action was in relation to ordinary shares acquired between 17 June 2014 and 25 October 2016.

On 23 August 2023, the parties to this class action reached agreement to settle the proceeding.  The settlement is for a lump sum payment of $26 million (including interest and costs, without admission of liability).

The settlement approval 

The Federal Court of Australia has approved deductions from the settlement sum for legal fees, litigation funding and expenses, insurance, and administration costs of distributing the settlement sum to eligible Group Members. A copy of the orders made on 30 November 2023 can be found here.

The remainder of the settlement sum will be distributed to eligible Group Members. This means that eligible Group Members will not receive the full value of their claims under the settlement, as a compromise was required to take into account the risks involved with running the class action, as well as the benefit to group members in receiving the money now, rather than later.

An eligible Group Member for the distribution of the settlement sum is someone who registered their interest by 24 November 2023.

If you are an eligible Group Member who suffered a loss, you will be contacted by Piper Alderman via email to provide your bank details. This is not a scam.

Please note that distribution is not expected to occur until May 2024, at the earliest.

Relevant documents

• Amended Originating Application
• Further Amended Statement of Claim
• Amended Defence of the First to Third Respondents
• Amended Defence of the Fourth Respondent
• Court approved settlement notice
• Notice of objection (Word version, PDF version)

For any enquiries, please contact [email protected].