Horsky v Mesoblast Limited [2024] FCA 1509

Horsky v Mesoblast Limited [2024] FCA 1509

The settlement approval is fair and reasonable for group members under s 33V(1), the distribution scheme and deduction arrangements are proper, class closure excluding unregistered members is permissible, and the deductions and funding commission rates are within reasonable and market standards.

Parties
First Applicant: Paul Tibor Horsky; Second Applicant: Oil Surveillance Australia Pty Ltd; Respondent: Mesoblast Limited
Jurisdiction
Australia
Judgment Date
13 December 2024
Procedural Posture
Securities Class Action / Settlement Approval Hearing
Outcome
Settlement approved; orders for approval and distribution granted; proceeding to be dismissed after implementation of settlement distribution scheme.
Legal Topics
Securities Class Action, Settlement Approval, Distribution Orders, Continuous Disclosure, Misleading or Deceptive Conduct
Corporations Law Securities Class Action Settlement Approval Distribution Orders Continuous Disclosure Misleading or Deceptive Conduct

Case Brief

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Parties

Paul Tibor Horsky

First Applicant

Oil Surveillance Australia Pty Ltd

Second Applicant

Mesoblast Limited

Respondent

Procedural Posture

Securities Class Action / Settlement Approval Hearing

Legal Issues

  1. 1 Whether the proposed settlement is fair and reasonable under s 33V(1) of the Federal Court of Australia Act 1976 (Cth)
  2. 2 Distribution of settlement proceeds amongst group members
  3. 3 Class closure and exclusion of unregistered group members from settlement benefit

Ratio Decidendi

The settlement approval is fair and reasonable for group members under s 33V(1), the distribution scheme and deduction arrangements are proper, class closure excluding unregistered members is permissible, and the deductions and funding commission rates are within reasonable and market standards.

Court Disposition

Settlement approved; orders for approval and distribution granted; proceeding to be dismissed after implementation of settlement distribution scheme.

Orders

  • Settlement approved under s 33V of the Federal Court of Australia Act 1976 (Cth) on terms of the Deed and settlement distribution scheme (SDS).
  • Joint Applicants authorised nunc pro tunc to enter into and give effect to the Deed for Group Members.