Discovery Metals Limited Class Action

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Class Action on behalf of shareholders of Discovery Metals Limited (in liquidation) against KPMG Financial Advisory Services (Australia) Pty Limited

This class action was commenced by Mr Alan Smith in the Supreme Court of New South Wales against KPMG Financial Advisory Services (Australia) Pty Ltd (ACN 007 363 215) (KPMG Advisory) relating to an independent expert report relating to a proposed takeover of Discovery Metals Limited (in liquidation) (DML) which was prepared by KPMG Advisory in November 2012 (DML Class Action).

On 9 February 2018, and due to Mr Smith’s poor health, Mr Edgar Tredrea was substituted as plaintiff and representative party in the DML Class Action.

On 23 August 2018, the Supreme Court of New South Wales made orders fixing 4.00pm (Sydney time) on 12 October 2018 (Registration Deadline) as the date before which a group member may register to participate in any in principle settlement of the DML Class Action.

On 22 March 2019, Mr Tredrea (on his own behalf, and on behalf of Group Members), KPMG Advisory, Piper Alderman, and LCM Operations Pty Ltd (the litigation funder) reached an in-principle settlement and entered into a Settlement and Release Deed. A Notice of Proposed Settlement can be viewed here.

The settlement, in accordance with the Settlement and Release Deed, has been approved by the Court. The Scheme Administrator (who is responsible for making the distributions) will contact Settlement Group Members regarding any amount they may be entitled to in due course.

If you need assistance, or have any questions, please contact Piper Alderman at discoverymetals@piperalderman.com.au or on (02) 9253 9999.