Phi Finney McDonald acts for its clients in class action proceedings commenced in the Supreme Court of New South Wales against ASX-listed Lendlease Corporation Limited (Lendlease) and consolidated with clients of Maurice Blackburn. The class action represents all persons who acquired shares in Lendlease between 17 October 2017 and 8 November 2018 (Group Members), including:

  1. Lendlease stapled securities purchased on the Australian Securities Exchange (LLC.AX); and
  2. Lendlease American Depositary Receipts (LLESY.PK).

Therium Litigation Finance (Therium) is funding Phi Finney McDonald’s clients in the class action.

Opt Out and Registration

On 8 August 2025, the Supreme Court of New South Wales made orders that notice be given to Group Members of their rights to register their claims in, or opt out of, the Lendlease Class Action. The notice may be downloaded here and will be sent to all Group Members.

The notice contains important information about the rights of Group Members and identifies the steps a Group Member must take to register in, or opt out of, the Lendlease Class Action.

The deadline to register or opt out is 4:00 pm AEST on 3 October 2025.

Background

Lendlease is a global construction, property development and investment management company. Its engineering and services business, part of the construction segment, is responsible for the execution of several large Australian infrastructure contracts. On 9 November 2018, Lendlease announced to the market that it had identified significant underperformance in its engineering division relating to a number of projects. This shocking underperformance required a previously unannounced provision of $350m. Lendlease blamed lower productivity in post-tunnelling phases of the NorthConnex tunnel project (a tollway under construction in Sydney, Australia), as well as unforeseen remedial work and bad weather on the Gateway Upgrade North and Kingsford Smith Drive projects, for the underperformance. On receiving this news, there was a substantial market reaction which wiped $4.73 (approximately 27%) off the value of Lendlease shares over the following three trading days. Top tier market analysts expressed “surprise” and “disappointment” at the scope of the construction segment’s underperformance and the consequent impairment.

Contact Us

If you would like to find out more from Phi Finney McDonald about the class action, please contact us at lendlease@phifinneymcdonald.com.

Key Documents

Further information about the class action is available in the documents linked below:

  1. Amended Consolidated Summons dated 27 June 2023
  2. Amended Consolidated Commercial List Statement dated 27 June 2023
  3. Amended Commercial List Response dated 8 September 2023
  4. Orders of Rees J made 8 August 2025
  5. Notice to Group Members – Opt Out and Registration Notice dated 15 August 2025