Also known as the Endeavour River Class Action
IMF is funding a class action, known as the Endeavour River Class Action, on behalf of certain investors who purchased units in the MG Unit Trust in the period 29 May 2015 to 26 April 2016 (inclusive) (the Claim Period). Units in the MG Unit Trust trade on the ASX under the ticker code 'MGC'.
The class action was filed on 17 August 2018 by Slater and Gordon Lawyers on behalf of the applicant and certain current and former unitholders in the MG Unit Trust who entered into a litigation funding agreement with IMF Bentham prior to 26 October 2018.
On 24 June 2019, the parties to the Endeavour River Class Action announced they had reached an agreement to settle the proceeding for $42 million, inclusive of interest and costs. The Murray Goulburn entities make no admission of liability under the terms of the settlement agreement. This agreement is subject to the approval of the Federal Court of Australia.
The Endeavour River Class Action was issued by Slater and Gordon on behalf of Endeavour River Pty Ltd as lead applicant and group members who:
- acquired an interest in fully paid units (MG Units) in the Murray Goulburn Unit Trust between 29 May 2015 and 26 April 2016 (inclusive);
- suffered loss and damage as a result of Murray Goulburn Co-Operative Co. Limited (Murray Goulburn) and its subsidiary MG Responsible Entity Limited’s (MGRE) conduct; and
- entered into a litigation funding agreement with IMF Bentham on or before 26 October 2018.
The key allegations in the Endeavour River Class Action are that Murray Goulburn and MGRE engaged in misleading and deceptive conduct when MGRE issued a product disclosure statement on 29 May 2015, in particular with respect to the financial forecast for the year ending 30 June 2016. It is further alleged that Murray Goulburn and MGRE misled the market, and failed to disclose to the market operator, information that would have a material effect on the price of MG Units in the period from 29 May 2015 to 26 April 2016 (inclusive).
By engaging in the alleged conduct, it is claimed that Murray Goulburn and MGRE caused the trading of MG Units at a price significantly above their ‘true value’.
Participating in the case
Registrations to participate in the Endeavour River Class Action are now closed.
There is a separate class action against Murray Goulburn, MGRE and 11 directors of Murray Goulburn and/or MGRE brought by John William Cruse Webster as trustee for the Elcar Pty Ltd Super Fund (Webster Class Action) which is continuing.
Group members in the Endeavour River Class Action are not group members in the Webster Class Action. If you are uncertain if you are a group member in the Endeavour River Class Action, please contact IMF using the contact details below.
If you would like further information about the status of the Endeavour River Class Action please contact IMF Bentham by email ([email protected]) or by telephone (1800 016 464).