Nat.Australia Bank (40HT) - Class action settlement
RNS Number : 7227Q
National Australia Bank Ld
09 November 2012
Friday, 9 November 2012
Class action settlement
National Australia Bank Limited (NAB) today announced that it has reached an
agreement to settle a shareholder class action brought against it by a group
of shareholders who acquired NAB shares in the period 1 January 2008 to 24
July 2008. The proceedings were commenced in November 2010 against NAB in the
Supreme Court of Victoria and related to NAB's exposure to certain ABS CDOs.
The settlement involves a payment of $85 million plus an allowance in respect
of interest and costs in full and final settlement of the class action, of
which $50 million is comprised of available insurance proceeds with the
remainder substantially covered by existing provisions. As such the settlement
will have an immaterial impact on FY13 earnings.
The settlement has been reached on a commercial basis and there is no
admission of liability by NAB.
NAB's Company Secretary, Michaela Healey said "We have always said we would
vigorously defend the class action and we remain confident about our legal
position in the proceedings.
"The settlement of the class action is a purely commercial decision made in
the interests of our shareholders. We are pleased to put this matter behind us
so that we can continue to focus on improving returns for our shareholders
without the distraction and significant expense of a lengthy trial," Ms Healey
The settlement of the proceedings is subject to approval of the Supreme Court
of Victoria and, if approved, will be administered by Maurice Blackburn in
accordance with a settlement scheme. If the settlement is approved by the
Court, the proceedings will be dismissed without admission of liability.
For further information:
Brian Walsh Meaghan Telford
M: +61 (0) 411 227 585 M: +61 (0) 457 551 211
Investor Relations Craig Horlin
Ross Brown M: +61 (0) 417 372 474
M: +61 (0) 477 302 010
This information is provided by RNS
The company news service from the London Stock Exchange
STRUKRARUOAARRA -0- Nov/09/2012 07:00 GMT
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