Department store owner, Myer Holdings, stated the lawsuit filed by former shareholder TPT Patrol has no basis.
Myer was slapped with a lawsuit last week from TPT Patrol as trustee for the Amies Superannuation Fund. Legal proceedings have been filed in the Federal Court against the company by TPT Patrol on its own behalf and on behalf of a defined but unnamed group of shareholders.
TPT Patrol alleges loss and damage resulting from a profit warning two years ago, from statements made in the context of Myer’s full year FY2014 results.
According to Myer, TPT Patrol’s claim has no proper basis and has denied any liability under it.
Myer added the claim is, in substance, identical to the group action filed against the company in March 2015 by Melbourne City Investments Pty Ltd. In December 2016, the Supreme Court of Victoria held that the MCI proceedings are an abuse of process and ordered they be permanently stayed. Portfolio Law Pty Ltd acts for both MCI and TPT Patrol in relation to these actions.
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