Phi Finney McDonald acted for Raffaele Webb, the Representative Applicant, on behalf of Group Members in the class action commenced in the Federal Court of Australia against ASX-listed GetSwift Limited (ASX:GSW) (GetSwift) and its managing director Joel Macdonald. The claim was on behalf of investors who acquired GetSwift securities between 24 February 2017 to 19 January 2018 (inclusive) (claim period) including via the company’s capital raisings in June and December 2017 or by acquiring shares on the ASX during the claim period (Group Members).
The class action was funded by Therium Litigation Finance A IC.
On 2 February 2023, the Federal Court of Australia approved a settlement in the class action. You can read Justice Murphy’s reasons for approving the settlement by clicking on the ‘Settlement Approval Judgment’ link below.
Registration to participate in the settlement is closed.
Phi Finney McDonald will contact Registered Group Members (defined below) in the coming weeks regarding the distribution of settlement funds. Once Phi Finney McDonald is in a position to distribute the settlement funds, payment will be made as soon as possible.
On 29 July 2022, GetSwift entered into voluntary liquidation. On 2 August 2022, GetSwift’s Canadian parent company, GetSwift Technologies Limited (GTL) commenced a bankruptcy plan in the United States.
Prior to the voluntary liquidation, a conditional settlement agreement had been reached in the class action against GetSwift and Mr Macdonald (Respondents) in the Federal Court of Australia Proceeding NSD580 of 2018.
A settlement agreement was entered into on 13 July 2021 between Mr Webb, GetSwift, Mr Macdonald and GTL, without any admission of liability by the Respondents. A comprehensive deed of settlement was executed on 19 August 2021. That settlement deed and a scheme for distributing monies to Registered Group Members was then put before the court for its approval.
On 2 February 2023, Justice Murphy made orders approving the settlement deed and the settlement distribution scheme. The court orders, settlement deed and settlement distribution scheme are available at the links below.
Information about the details of the settlement, including the settlement structure, is also provided in the December 2022 and the November 2021 Notices to Group Members, which are available at the links below.
- On 23 May 2018, the Court gave Phi Finney McDonald sole carriage of the class action, and permanently stayed two competing proceedings that had also been issued against GetSwift.
- On 7 February 2019, the Court ordered that Group Members who wished to opt out of the proceeding were required to do so by 28 March 2019 – please see the link to the February 2019 Notice to Group Members, below for further details.
- On 1 October 2019, the Court ordered that Group Members who wished to potentially benefit from any settlement reached at a mediation held in early 2020 were required to register their claims by 22 November 2019. This process is described as “class closure” – please see the link to the October 2019 Notice to Group Members below for further details.
- The case did not settle at the mediation held in early 2020. The “class closure” period described in the October 2019 Notice therefore expired, and the proceeding was once again an open class action brought on behalf of all Group Members that have not opted out – please see the link to the May 2020 Notice to Group Members below for further details.
- The case was listed to commence trial on 20 September 2021, however given the Proposed Settlement, the trial date was vacated.
- On 19 November 2021, the Court ordered that Group Members who wished to benefit from the Proposed Settlement must register their claims by 4 February 2022 (if they did not previously register during the Court ordered registration on or before 22 November 2019) – please see the link to the November 2021 Notice below for further details.
- On 29 July 2022, GetSwift entered into voluntary liquidation.
- On 2 August 2022, GTL commenced a bankruptcy plan in the United States.
- On 2 February 2023, Justice Murphy of the Federal Court of Australia made orders approving the settlement of the Proceeding.
NOTICES TO GROUP MEMBERS
SETTLEMENT DISTRIBUTION SCHEME
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