Opt out notices
On 14 December 2011 the Federal Court approved Opt Out Notices ("the Notices") being issued in the Sherwood proceeding and the Richards proceeding.
If you are a class member, you have the right to exclude yourself ("opt out") from the class actions. An Opt Out notice tells you what you need to do if you want to opt out and when you need to do that by.
If it is your intention to remain a class member you do not need to do anything under the Notice.
The Notices include information on topics such as the effect of the Notice, who are members of the class covered by each proceeding, differences between these proceedings and the ASIC proceeding and an explanation of how members can opt out of the proceedings.
The Notices correctly state that the ASIC proceedings do not currently seek compensation on behalf of any individuals. ASIC position remains that it has taken a staged approach to its proceeding and that in the event it is successful in obtaining the relief it seeks that it intends to pursue compensation on behalf of individual claimants who consent to it doing so.
ASIC notes that the Notices encourage class members to seek legal advice on the connection between the class actions and the ASIC proceedings. ASIC is not able to provide investors with legal advice on the effect of these Notices.
ASIC further notes in the Notice issued in the Sherwood proceeding, a statement to the effect that the CBA does not agree that class members will be able to seek compensation from the CBA in the event ASIC is successful in its proceeding. The question of whether class members in either proceeding will be entitled to also claim compensation through a successful ASIC proceeding is a legal question yet to be determined by the Federal Court.
Click on the following links to view the Notices:
Opt Out notice - Sherwood & Mcardle Storm class action
Opt Out notice - Tracey Richards (Levitt Robinson) – MBL class action