PIF (Premium Income Fund) Investors v KPMG & Ors
Breach of duty of care; contraventions of sections 601HG, 601FC, 601FD of the Corporations Act.
Current Stage of Case
Parties have now completed interlocutory steps including filing defences and providing discovery. Preliminary hearing on separate question of reflective loss on 3 April 2014. Final hearing listed for 12 weeks commencing 7 October 2014. In principle settlement - refer to IMF's ASX announcements. On 8 December 2014 the Federal Court of Australia approved the settlement of the PIF Class Action. The Court held that the settlement was fair and reasonable and in the interests of Group Members. The Court has appointed Administrators (Robert Johnson and Robert Wyld of Johnson Winter & Slattery Lawyers) to receive the settlement moneys and to make distributions to registered Group Members. Assuming there are no appeals from the Court’s approval order, the Administrators expect that they will receive the settlement moneys in late February 2015 and that distributions to registered Group Members will be made well within the first half of 2015. The Administrators will be writing to registered Group Members this calendar year with further details of the distribution process. Distributions made 1st half of 2015. Case complete.
- Federal Court (NSW)
- Mark Hodges & Charles Hodges ATF Charles Hodges Superannuation Fund
- Andrea Jane Waters; Michael John Andrew and Others trading as KPMG; Wellington Investment Management Limited (formerly MFS Investment Management Limited) and certain Various former officers of MFSIM