MMS shares gained 4.8 per cent today to close at $8.80.Members of a motor warranty class action have agreed to settle the lawsuit for $9.5 million, significantly lower than the $47.6 million they were seeking from Davantage Group, a subsidiary of listed fleet leasing company McMillan Shakespeare.įederal Court Justice Jonathan Beach announced the terms of the financial compensation in a ruling on Friday, months after the two parties agreed to settle it last October and more than a year after he ruled the product contracts had been “intended to operate to permit denial of full coverage” of repair claims.
While the McMillan did not disclose the exact amount to be paid, the company has provided a charge of approximately $2 million, plus legal fees, to its statutory net profit for the 2020 Financial Year to “deal with” the settlement. Today’s settlement is without admission of liability and is subject to court approval. The class action, filed in August 2018, related to warranties issued between July 1, 2013, and May 28, 2015, for domestic or personal vehicles and sought orders that the warranties are void. The ASX-200 lister acquired Presidian Holding and its subsidiary National Warranty Company, operated by Davantage Group, in February 2015. McMillan McMillan Shakespeare (MMS) has settled the National Warranty Company class action, pending approval by the Federal Court of Australia. MMS shares gained 4.8 per cent today to close at $8.80.The settlement is without any admission of liability and McMillan has provided a charge of $2 million to its statutory net profit for the 2020 Financial Year to “deal with” the settlement.The ASX-200 lister only came to hold the National Warranty Company when it acquired parent company Presidian Holdings in February 2015.The class action related to warranties issued for vehicles between July 2013 and May 2015, the majority of this period McMillan did not own the company.
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