Former Dick Smith Holdings shareholders who sued over the 2016 collapse of the consumer electronics retailer will split a little under $6 million, under a $25 million settlement proposal which will not cover costs incurred by the class action funders.
Parties in a trio of class actions brought against Dick Smith Electronics, former directors Nicholas Abboud and Michael Potts and 10 insurers over the retailer's 2013 public listing have reached an in-principle settlement of $25 million.
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Max Mason covers insolvency, courts, financial crime, cybercrime and corporate wrongdoing. A Walkley Award winner, Max’s journalism has also received awards from the National Press Club of Australia, the Kennedy Awards and Citibank. Message Max on Signal https://tinyurl.com/MaxMason Connect with Max on Twitter. Email Max at max.mason@afr.com
