Free Subscription

  • Access 15 free news articles each month

Professional

Try one month for $5
  • Unlimited access to news,insights and opinions
  • Quarterly and weekly magazines
  • Independent research reports and forecasts
  • Quarterly webinars with industry experts
  • Q&A with retail leaders
  • Career advice
  • Exclusive Masterclass access. Part of Retail Week 2021

7-Eleven’s $98m class action settlement: massive payout revealed

Convenience chain 7-Eleven is to pay $98m in a settlement of a franchisee class action, according to Lawyerly.

The revelation of the massive cost to the retailer comes a few weeks after the announcement of the settlement.

At the time the retailer confirmed a series of mediations in June had led to the agreement.

Today a spokesperson from the retail chain said “7-Eleven can confirm the parties have entered into a binding settlement deed which resolves the class actions without admission of fault or liability and which is subject to the approval of the Court.”

Back in 2018 a group of current and former franchisees alleged misleading and deceptive conduct, unconscionable conduct and contract breaches by 7-Eleven, and alleged the ANZ bank had provided loans that were unsustainable.

In July the parties agreed to settle the ongoing class action, which has been a thorn in the side of the convenience chain for three years.

This story originally appeared in our sister publication Inside Franchise Business.

You have 7 free articles.

Masterclasses are for professionals only

Only $5 p/m for first 3 months
Become a Professional Already a professional? Login
  • Daily exclusive Members Only content straight to your inbox
  • Access to exclusive Retail Week events including all 4 Masterclasses 28 February - 3 March
  • Retail insights and intelligence
  • On-demand videos with industry professionals
  • Weekly careers advice specific to retailers
  • Independent research reports and forecasts
  • Q&A with industry experts
  • Content, content, content! Weekly and quarterly magazines