The statements below are Shine Lawyers’s account of this case. They reflect allegations or the firm’s position and have not been determined by a court unless a settlement or judgment is noted.
Latest update
On 17 July 2026, the parties appeared before Justice Lee for a Case Management Hearing. At this Case Management Hearing, his Honour made orders granting leave for the Applicants' to file and serve their proposed Amended Consolidated Statement of Claim, with some minor changes in accordance with the Court’s directions. A copy can be found here . Shine Lawyers will be in contact with group members as the case progresses.
Source: Shine Lawyers
About This Case
BLA shares were placed into voluntary suspension on 28 March 2018 following a report published by Glaucus Research Group which alleged BLA had significantly overstated its fee earning assets under management and overstated the performance of its investments.
The Glaucus Research Group Report triggered a catastrophic downturn in BLA’s share price and business, culminating in the appointment of receivers and managers on 20 May 2019. BLA also appointed voluntary administrators on 20 May 2019.
On 20 June 2019, the creditors of BLA voted to enter into a temporary deed of company arrangements that included a moratorium on all claims against BLA. On 31 May 2021, creditors of BLA voted to place BLA into liquidation, which saw the moratorium lifted.
Shareholders who acquired an interest in BLA shares:
between 19 August 2016 and 20 May 2019 and:
prior to 28 March 2018; or after 28 March 2018 but before:
5 April 2018; or 12 February 2019; before 19 August 2016 and retained that interest until after 19 August 2016 or after 28 March 2018.
are encouraged to register their interest in this class action.
Source: Shine Lawyers
Who May Be Eligible
You may be eligible to participate in this class action if you acquired an interest in BLA shares: between 19 August 2016 and 20 May 2019 and: prior to 28 March 2018; or after 28 March 2018 but before: 5 April 2018; or 12 February 2019; before 19 August 2016 and retained that interest until after 19 August 2016 or after 28 March 2018. If you meet this criteria, you may be entitled to compensation, and you are encouraged to register for the class action.
Source: Shine Lawyers
How to Register
To register on a confidential, no-cost, no-obligation basis, please click the button below and fill out the form. Register for the class action
Register NowSource: Shine Lawyers
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.
Source: Shine Lawyers
Disclaimer: This information is sourced from Shine Lawyers. It is provided for general information only and does not constitute legal advice. Always verify details with the original source 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.
Did this page answer your question?