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Barrister Adam Hochroth SC, advocating for the class action, announced that the trial had been vacated following a successful settlement between the parties involved.
“While the specific terms of the settlement remain confidential at this point, I can disclose to Your Honour that the settlement amount totals $125 million, encompassing all costs and interest,” he stated in court today.
The court must officially approve the settlement before any funds can be distributed.
A spokesperson confirmed, “An agreement has been reached to resolve this matter.”
“The $125 million settlement, agreed upon by both parties, will prevent further lengthy legal battles,” the spokesperson added.
The class action’s law firm, Quinn Emanuel Urquhart & Sullivan, said the settlement concluded “years of hard-fought litigation” by impacted businesses.
“This is a significant outcome for eligible businesses. July to October 2020 was an extraordinarily difficult period for Victorian retail businesses,” partner Damian Scattini said in a statement.
“The $125 million settlement that we have achieved on their behalf is recognition of this hardship and I hope it provides some measure of relief for eligible businesses.”
The settlement approval application was adjourned to a date to be fixed.
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