Topics: Bondholder dispute

Governance Financial Services Bondholder dispute Class Action Collective Redress Group Litigation Investor Loss Regulatory

Axsesstoday Ltd

The Case

Therium is funding a class action on behalf of the bondholders of Axsesstoday Ltd (AXL) against both AXL and PWC Securities, its former auditors.

The case, which has been filed in the Federal Court, relates to AXL’s alleged failure to explain or highlight the impact a new accounting standard would have on the Company’s financial performance in a Prospectus for corporate bonds issued in 2018. Shortly after the bonds were issued, the Company was placed into external administration.

Why It’s Significant

The class action is a rare example of one pursued on behalf of bondholders. It focuses on interesting issues relating to the introduction of new accounting standards – and disclosure by listed entities of their financial impact.

Therium’s Solution

Without Therium’s funding, it is unlikely that the bondholders of AXL would have the opportunity to seek compensation from AXL and PwC.

Specialism

Class Actions / Bondholder Dispute / Regulatory / Group Litigation / Investor Loss / Collective Redress

Sector

Financial Services

Meet The TeamThe Team

Country Head

Simon Dluzniak

Asia Pacific
+61 (0)419 584 285
simon.dluzniak@therium.com

Investment Manager

Louise Hird

Asia Pacific
+61 (0)413 680 861
louise.hird@therium.com

View All The Team

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Governance Financial Services Bondholder dispute Class Action Collective Redress Group Litigation Investor Loss

Austrian Bondholder Claim

The Case

Therium funded eight class actions for restitution and damages against various Austrian banks arising out of a bond issue between 2010-2012 in respect of one of Austria’s largest construction conglomerates.

Why It’s Significant

Therium provided co-investment along with a German funder to a representative entity to enable it to pursue the claims under the Austrian consumer protection legislation, resulting in an early settlement for the injured parties.

Therium’s Solution

The claims could not be pursued individually given the cost implications. Funding enabled a large group of claimants to pursue their claims collectively and cost-efficiently, without financial risk were the claims to have failed.