Phi Finney McDonald acts for the Lead Plaintiff and Group Members in a class action commenced in the Supreme Court of Victoria against ASX-listed Noumi Limited (formerly known as Freedom Foods Group Limited) (Freedom Foods or the Company) and Deloitte Touche Tohmatsu (Deloitte) on behalf of investors who acquired Freedom Foods securities between 7 December 2014 and 24 June 2020 (inclusive) (Claim Period). Australian litigation funder Omni Bridgeway is providing funding for the class action.
Settlement
A settlement of AU$43 million to resolve the claims of all group members was reached in the Freedom Foods Class Action (Settlement).
On 25 June 2025, the Supreme Court of Victoria (the Court) approved the Settlement as fair and reasonable and in the interests of all group members.
The Court also approved two Settlement Distribution Schemes and appointed Jeremy Zimet, Principal Lawyer at Phi Finney McDonald, as the administrator with responsibility for administering the Settlement Distribution Schemes (Administrator).
Important information regarding the Settlement
On 25 June 2025, the Honourable Justice Delany made orders approving the Settlement and appointing Jeremy Zimet of Phi Finney McDonald as the administrator of the Settlement Sum (Administrator). Links to the Court judgment and the Settlement Approval Orders are below:
- Court judgment (Gehrke & Anor v Noumi Ltd & Anor [2025] VSC 373)
- Settlement Approval Orders dated 25 June 2025
- Orders of Justice Delany dated 28 July 2025
Only group members who registered or were otherwise deemed to be registered group members by order of the Court are eligible to participate in the distribution from the Settlement (Registered Group Members). It is no longer possible for group members to register or request to participate in the Settlement.
Phi Finney McDonald will contact Registered Group Members in relation to settlement distribution in due course.
If you have questions about the settlement, please do not hesitate to contact Phi Finney McDonald by email at classactions@phifinneymcdonald.com or by telephone on +61 3 9134 7100.
ASIC proceeding
Separately from this class action, ASIC brought a proceeding against Noumi before the Federal Court of Australia (Federal Court), ASIC v Noumi Limited & Ors (NSD63/2023) (ASIC Proceeding). Noumi has been ordered by the Federal Court to pay a penalty of AU$5m as a result of alleged contraventions during the period 29 August 2019 to 25 May 2020 (inclusive).
In August 2024, following an application by the Freedom Food Class Action plaintiffs to intervene in the ASIC Proceeding, the Federal Court made orders providing for the $5m penalty to be paid into the Federal Court until such time as the Freedom Foods Class Action is resolved. Payment of the penalty will be made in 3 tranches, concluding in around August 2026.
On 25 June 2025, his Honour Justice Delany of the Supreme court of Victoria made:
- declarations that Noumi has engaged in two contraventions of s 674(2) in the period covered by the ASIC Proceeding; and
- a compensation order under section 1317HA of the Corporations Act to facilitate access by eligible Registered Group Members to the penalty sum of $5m.
The plaintiffs intend to apply to the Federal Court to the effect that the penalty be made available for distribution to the eligible Registered Group Members in accordance with a Court-approved Settlement Distribution Scheme.