EML Payments Secures Court Approval for AU$37.4 Million Shareholder Class Action Settlement; Shares Hit Three-Year Low

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EML Payments (ASX:EML) has received Supreme Court of Victoria approval to settle a shareholder class action for AU$37.4 million, according to a Wednesday Australian bourse filing.

The company has chosen a commercial settlement to cover interest and costs, using its cash reserves and borrowing facilities, without admitting any liability, per the filing.

The lawsuit was brought against the firm in 2022 by Shine Lawyers on behalf of shareholders who had acquired a stake in EML during the period from Dec. 19, 2020, to May 19, 2021, and from Aug. 18, 2021, to July 25, 2022, an earlier filing showed.

The company's shares fell around 1% in recent Wednesday trade, earlier hitting their lowest level since March 2023.

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