IOOF Holdings says a class action lawsuit brought against it last year on allegations of breaching disclosure requirements will be discontinued with no payments to the plaintiffs.
The Melbourne-based wealth manager was sued in April 2019 by shareholders who alleged the company engaged in deceptive conduct and breached stock market disclosure obligations.
It was filed in the New South Wales Supreme Court by law firm Quinn Emmanuel.
The lawsuit was among several filed against financial firms after the financial services Royal Commission uncovered widespread misconduct in the finance industry, including charging customers for service not rendered.
IOOF said it would make no payments to the plaintiffs, their lawyers, financial backers or any other members of the class action as part of the settlement.
It did not provide details on how the agreement was reached.
IOOF was one of the companies savaged at the financial services royal commission over the fees-for-no-service scandal.
The company won a court victory last year over APRA’s bid to disqualify as superannuation trustees its former managing director Chris Kelaher, non-executive director George Venardos, and three other executives.
By 1325 AEST, IOOF shares were up 1.0 per cent at $4.37 each.