The Star faces third class action lawsuit
Law firm Phi Finney McDonald has served a statement of claim on Star Entertainment Group.
Australia.- The Star Entertainment Group has reported in a company filing that the law firm Phi Finney McDonald has filed a securities class action lawsuit against it in the Supreme Court of Victoria.
The lawsuit alleges that between March 29, 2016, and June 13, 2022, the casino operator made misleading statements about its anti-money laundering and counter-terrorism financing compliance processes, failed to disclose important information to the market and acted against the interests of its members. The company said it plans to defend itself in the proceedings.
Two previous securities class actions were filed by Slater & Gordon in March 2022) and Maurice Blackburn in November 2022). Meanwhile, in December, the Australian Securities and Investments Commission (ASIC) commenced Federal Court civil penalty proceedings against 11 current and former board members of The Star.
ASIC is taking action against members of the Star’s board between 2017 and 2019: John O Neill (former chair), Matthias Bekier (former CEO), Kathleen Lahey, Richard Sheppard, Gerard Bradley, Sally Pitkin, Benjamin Heap and Zlatko Todorcevski. It says they breached their duties under the Corporations Act by approving an expanded relationship with individuals with reported criminal links and failing to address money laundering risks.
