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 said. 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: Media 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 END STRUKRARUOAARRA -0- Nov/09/2012 07:00 GMT
Nat.Australia Bank 40HT Class action settlement
Press spacebar to pause and continue. Press esc to stop.