The sections below quote Shine Lawyers and Slater and Gordon. They reflect allegations or the firm’s position and have not been determined by a court unless a settlement or judgment is noted. Where sources cover the same point, the most recently updated page is shown first and the others are folded underneath.
Settlement Update
On 4 August 2026, the Court approved a Notice of Proposed Settlement to be sent to group members. Group members should read the Notice carefully as the matters set out in the notice may affect their legal rights.
Source: Supreme Court of Victoria
Also from Shine Lawyers
In-principle settlement reached An in-principle settlement has been reached between the parties in the a2 Milk Shareholder Class Action. The in-principle settlement amount is AUD $62 million, inclusive of interest and costs. The parties are continuing to negotiate the deed of settlement. The settlement is subject to Court approval. In reaching this in-principle settlement, The a2 Milk Company Ltd makes no admission of liability.
Source: Shine Lawyers
Also from Slater and Gordon
In April 2026, the parties reached an in-principle agreement to settle the a2 Milk Shareholder Class Action for $62 million (AUD), inclusive of interest and costs.
Source: Slater and Gordon
About This Case
A group proceeding brought on behalf of certain persons who purchased shares in the defendant The a2 Milk Company Ltd) on the Australian Stock Exchange or the New Zealand Stock Exchange between 19 August 2020 and 9 May 2021 (inclusive), or who acquired an interest in shares in The a2 Milk Company Ltd before 19 August 2020 and retained that interest until after 28 September 2020. It is alleged that The a2 Milk Company Ltd made misleading disclosures and failed to comply with its continuous disclosure obligations, resulting in loss to group members in connection with the share price of The a2 Milk Company.
The proceeding is a consolidated proceeding. Prior to consolidation, the two lead plaintiffs were each the lead plaintiff of a separate proceeding, being S ECI 2021 03645 (the [name withheld] Proceeding), and S ECI 2021 04403 (the Xiao Proceeding). The proceedings were consolidated on 15 June 2022.
On 28 November 2022, Justice Button handed down reasons addressing certain separate questions regarding the ability of the Court to hear claims under New Zealand law and grant relief in respect of those claims.
The deadline to object to the proposed settlement in this proceeding has now passed.
IMPORTANT INFORMATION ABOUT THE PROPOSED SETTLEMENT
On 4 August 2026, the Court approved a Notice of Proposed Settlement to be sent to group members. Group members should read the Notice carefully as the matters set out in the notice may affect their legal rights.
Orders of Justice M Osborne made on 4 August 2026
If you are a registered group member and you wish to participate in the proposed settlement, you do not need to take any immediate steps in response to this notice.
If you are an unregistered group member and wish to seek permission from the Court to participate in the proposed settlement, you should read paragraphs 39-42 of the Notice above for further information.
Any group member who wishes to object to the proposed settlement must, by no later than 4:00pm (AEST) on 22 September 2026, either:
complete the online objection notice; or complete the Notice of Objection found at Annexure A of the Notice above, and send it to the Court by email or post to the addresses on the form.
Any group member who wishes to oppose the Proposed Settlement may attend or send a legal representative to attend, the Supreme Court of Victoria to attend at 10:30am (AEDT) on 24 November 2026 when the Settlement Approval Application will be heard.
Further details regarding the hearing will be published on this webpage closer to the hearing date.
IMPORTANT INFORMATION ABOUT REGISTRATION AND OPTING OUT
Please note that the deadline to register or opt out has now passed.
If you are, or you think that you may be a group member, you should read the documents below carefully. The Notice (a copy of which is below) contains important information about your rights to:
(1) register your claim in the proceeding (2) do nothing; or (3) opt out of the proceeding.
Notice to Group Members
In summary, if you fall within the definition of a group member, you have three options:
OPTION 1 - REGISTER
In order to be eligible to receive any compensation if there is a settlement reached before the first day of trial, you must register for the class action by 4:00pm on 3 October 2025 (AEST).
To register, you must either: complete the online registration process available at:
https://a2milkshareholderclassaction.shine.com.au/Registration; or complete and submit a Group Member Registration Form found at Annexure A of the Notice.
OPTION 2 – DO NOTHING
You may do nothing and remain a group member in the class action but, subject to further order of the Court, you will not be permitted to participate in any settlement reached between the parties before the first day of trial. For further information about this option please refer to Option 2 of the Notice below.
OPTION 3 - OPT OUT
If you do not want your rights determined by the class action, you must opt out of the class action by 4:00pm on 3 October 2025 (AEST). If you opt out, your claim will not be resolved as part of the A2 Milk Class Action, but you may pursue such rights as you may have independently.
To opt out, you must either: submit the required information in the
Online Opt Out Notice; or complete the Opt Out Form found at Annexure B of the Notice and return a completed copy directly to the Registry of the Supreme Court of Victoria via email or post to the addresses on the notice.
The definition of a "group member" is set out in the Notice.
Source: Supreme Court of Victoria
Also from Shine Lawyers
In-principle settlement reached
An in-principle settlement has been reached between the parties in the a2 Milk Shareholder Class Action.
The in-principle settlement amount is AUD $62 million, inclusive of interest and costs.
The parties are continuing to negotiate the deed of settlement.
The settlement is subject to Court approval.
In reaching this in-principle settlement, The a2 Milk Company Ltd makes no admission of liability.
Notice of Proposed Settlement
The Supreme Court of Victoria has ordered that a Notice about the Proposed Settlement of this class action be published on our website. The Proposed Settlement is subject to Court approval.
You can access the Notice here.
Settlement Approval Hearing
The Court has ordered that the Settlement Approval Hearing will be held at 10:30am on 24 November 2026.
The Court’s orders relating to the Settlement Approval Hearing are available here.
Additional documents, including orders made by the Court and the proposed Settlement Distribution Scheme (which is subject to Court approval), are available here.
Source: Shine Lawyers
Also from Slater and Gordon
Slater and Gordon and Shine Lawyers are working together to conduct a group proceeding (class action) against a2 on behalf of both lead plaintiffs and all group members.
Slater and Gordon, as instructed by the Thomas lead plaintiff, commenced a group proceeding against a2 on 5 October 2021. Shine Lawyers, as instructed by the Xiao lead plaintiff, commenced a second group proceeding on 23 November 2021 in respect of the same claim period and with substantially similar allegations. On 14 June 2022, the Court joined the two proceedings into a single Consolidated Proceeding.
Source: Slater and Gordon
Who May Be Eligible
The definition of a "group member" is set out in the Notice.
Source: Supreme Court of Victoria
How to Register
To register, you must either : complete the online registration process available at: https://a2milkshareholderclassaction.shine.com.au/Registration ; or complete and submit a Group Member Registration Form found at Annexure A of the Notice.
Source: Supreme Court of Victoria
Also from Shine Lawyers
If you wish to seek permission from the Court to register to participate in the settlement, by 4pm (AEST) on 22 September 2026 , you must send an email to a2milkclassaction@shine.com.au which: identifies the basis on which you consider the Court should grant you permission to participate in the proposed settlement; and attaches evidence in support (in the form of an affidavit or statutory declaration); and attaches any written submissions of no more than two (2) pages.
Source: Shine Lawyers
Also from Slater and Gordon
The Supreme Court of Victoria ordered that group members were required to register by 4:00pm (AEST) on 3 October 2025 in order to be eligible to receive any compensation from any settlement reached before 2 June 2026 (which is the first day of trial). Registration is now closed. If you registered your details and provided share trade data to Slater and Gordon or Shine Lawyers prior to the distribution of the Notice, then there was nothing further required of you. If you had not registered your details prior to receiving the Notice, then you needed to complete your registration via the online registration portal.
Source: Slater and Gordon
Frequently Asked Questions
What is a class action?
When Governments, large companies or institutions do the wrong thing and people are harmed or suffer loss as a result, an individual can have little to no means of bringing a legal claim. Class actions are an important mechanism within Australia’s legal system that allow large groups of people to come together to pursue a claim collectively. For a class action to take place, there are three criteria that need to be met: t here must be 7 or more people that have claims against the same defendant; and t he claims relate to the same or similar circumstances; and t he claim must relate to at least one common issue of law or fact. For more information about how class actions resolve, click here .
How long do class actions take to resolve?
It can take up to several years for a class action to resolve. The time taken from case commencement through to resolution and settlement administration depends on the particular case, and the nature of the claim. For more information about class actions and how they work, click here .
Does it cost anything to join a class action?
Shine Lawyers is committed to ensuring that everyone, regardless of their background or financial situation, has access to justice. We run our class actions in a way that means you are not exposed to any out-of-pocket costs or financial risk. When a class action is successful, the legal fees and costs to run the class action are deducted from the settlement amount that is approved by the Court. If the class action is unsuccessful, we will ensure there are no out-of-pocket costs to you.
Will my contact details be kept private?
Yes, your contact details will remain confidential. Shine Lawyers will only use your personal information strictly for the purpose of any legal proceedings and in accordance with our Privacy Policy.
What stage is the proceeding at and when will I receive compensation?
On 7 April 2026, an in-principle settlement between the parties was announced. A2 Milk has agreed to pay the sum of AUD $62 million to settle the a2MC class action (inclusive of claims for interest and costs). In reaching this settlement, a2 makes no admission of liability. The settlement is subject to Court approval. At this stage, it is not possible to confirm when eligible group members will receive compensation. A number of steps need to occur first. The Court must first consider whether to approve the proposed settlement at the Settlement Approval Hearing, which will be held on 24 November 2026 . If the settlement is approved, payments will be made in accordance with a Court approved Settlement Distribution Scheme ( SDS ). For further detail, please see paragraphs 13 to 29 of the Notice .
How much compensation will I receive?
At this stage, it is not possible to inform registered group members of the specific amount they may receive from the Settlement Sum. The final distribution will depend on several variables that are not yet known, including those set out in paragraphs 26 to 28 of the Notice. If the settlement is approved, compensation will be distributed in accordance with a Court approved settlement distribution scheme. For further detail, please see paragraphs 25 to 29 of the Notice .
Do I need to do anything to receive compensation?
If you are a Registered Group Member, and wish to participate in the proposed settlement, you do not need to take any immediate steps in response to this notice. If the settlement is approved, you will be contacted with further information about the settlement distribution process and any actions you will be required to take. For further information, see paragraphs 37 to 38 of the Notice .
Can I still register or opt out?
The deadline to register or opt out has now passed. If you wish to seek permission from the Court to register to participate in the settlement, by 4pm (AEST) on 22 September 2026 , you must send an email to a2milkclassaction@shine.com.au which: identifies the basis on which you consider the Court should grant you permission to participate in the proposed settlement; and attaches evidence in support (in the form of an affidavit or statutory declaration); and attaches any written submissions of no more than two (2) pages. It will be a matter for the Court whether any group members who seek permission to participate in the settlement (if approved) may do so. For further details on the steps you need to take when seeking leave of Court to participate in the proposed settlement, see paragraphs 39 to 42 of the Notice .
How can I object to the proposed settlement?
If you wish to object to the proposed settlement, you must notify the Court by 4pm (AEST) on 22 September 2026 by submitting a completed Notice of Objection available on the Supreme Court of Victoria’s website https://www.supremecourt.vic.gov.au/areas/group-proceedings/a2-milk/objection . For further information on objections, see paragraphs 43 to 48 of the Notice .
Source: Shine Lawyers
Also from Slater and Gordon
Am I eligible to receive compensation?
A Registration and Opt Out Notice was distributed to group members between 21 August and 25 August 2025 by the a2 Milk Company’s share registry provider, Shine Lawyers, and Slater and Gordon Lawyers. The Notice contains important information about how group members’ legal rights may be affected by the class action. Registration The Supreme Court of Victoria ordered that group members were required to register by 4:00pm (AEST) on 3 October 2025 in order to be eligible to receive any compensation from any settlement reached before 2 June 2026 (which is the first day of trial). Registration is now closed. If you registered your details and provided share trade data to Slater and Gordon or Shine Lawyers prior to the distribution of the Notice, then there was nothing further required of you. If you had not registered your details prior to receiving the Notice, then you needed to complete your registration via the online registration portal. Opt Out The Supreme Court of Victoria ordered that group members who wished to opt out of the proceeding were required to do so by 4:00pm (AEST) on 3 October 2025. If you chose to opt out of the proceeding, then you: are no longer a group member; will not be affected by any orders made in the class action and will not receive any money from the class action if it succeeds or settles; and will retain any rights which you may have to commence your own claim against a2. If you have opted out and wish to bring your own claim against a2, you should seek independent legal advice as a matter of urgency because there are strict time limits to commence any such claim. Do Nothing If you did not register or ‘opt out’ from the proceeding by 4:00pm (AEST) on 3 October 2025, you will remain a group member and remain bound by any order, judgment or settlement in the class action. This means that you are not entitled to share in any settlement money achieved before 2 June 2026 (which was the first day of trial), including the proposed settlement reached by the parties in April 2026. If the proposed settlement is approved, you will lose your right to seek any compensation from a2 in relation to the same (or similar) claims alleged in any class action.
How do I confirm I am registered?
Group members were required to register by 4:00pm (AEST) on 3 October 2025. The class action is run jointly by Slater and Gordon and Shine Lawyers, and Shine Lawyers is administering the settlement distribution. If you wish to clarify your registration status, you may contact Shine Lawyers on 1800 860 433 or at a2MilkClassAction@shine.com.au.
How will the Court determine if the proposed settlement should be approved?
The Court will hold a hearing on 24 November 2026 to determine whether to approve the settlement. The Court must be satisfied that the settlement is fair, reasonable, and in the interests of the group members as a whole.
Can I still register or opt out?
The deadline to register or opt out has now passed. If you wish to seek permission from the Court to register to participate in the settlement, by 4pm (AEST) on 22 September 2026, you must send an email to a2milkclassaction@shine.com.au which: identifies the basis on which you consider the Court should grant you permission to participate in the proposed settlement; and attaches evidence in support (in the form of an affidavit or statutory declaration); and attaches any written submissions of no more than two (2) pages. It will be a matter for the Court whether any group members who seek permission
Source: Slater and Gordon
Disclaimer: This information is sourced from Supreme Court of Victoria, Shine Lawyers and Slater and Gordon. It is provided for general information only and does not constitute legal advice. Always verify details with the original sources before taking any action.
Legal disclaimer: Information on this page is general in nature and does not constitute legal advice. ClaimBar tracks class action settlements and provides updates. Always seek professional legal advice for your specific circumstances.
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