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McMillan Shakespeare Provides Class Action Update

12 Jun 2019  |  13:03:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Class Action Update

McMillan Shakespeare referred to its announcement on 14 August 2018 in relation to the class action relating to a warranty product business operated by Davantage Group Pty (trading as "National Warranty Company" (NWC)) which is a subsidiary of Presidian Holdings Pty which MMS acquired in February 2015. A significant portion of the relevant period to which the claim relates is in respect of a time when the "National Warranty Company" was not owned by the MMS Group. The class action seeks orders that the NWC warranties are void, and seeks either the restitution or a refund of the premium paid and interest on that amount, regardless of whether claims were in fact met and the contracts performed. The Company continues to defend the proceedings, currently scheduled for April 2020.

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