Noumi Limited (ASX:NOU) Approves Class Action Settlement
Class Action Settlement Approved
The Victorian Supreme Court has approved the terms of the $43 million class action settlement reached in October 2024 between Noumi Limited (ASX:NOU) and the involved parties. The settlement includes Noumi’s contribution of $11.56 million, which will be fully covered by the company’s insurers.
Financial Impact
In addition to the settlement sum, Noumi has agreed to pay approximately $4.6 million in legal and professional costs associated with resolving its legacy matters. These costs will be reported in Noumi’s FY25 financial results.
Executive Comments
Noumi Chair Genevieve Gregor said: “The Court’s approval of the class action settlement marks the closure of the last material legacy issue related to the events that led the Company to restate its FY19 and FY20 financial statements in November 2020. Moving forward, this allows Noumi’s Board and leadership team to be wholly focused on growing the Company’s business and enhancing long-term stakeholder value.”
Motley Fool contributor Kiarra Jackson has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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