The sections below quote Shine Lawyers. 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
Please note that the deadline to register or opt out has now passed. The deadline to object to the proposed settlement has also passed. Please note that the deadline for Late Registered Claim Applications has now closed. The proceeding has settled and the proposed settlement has been approved. Settlement Approval - Judgment and Orders Judgment and Orders of the Honourable Justice Nichols made on 25 March 2026 approving the settlement in the EML Payments Group Proceeding (Class Action)
Source: Supreme Court of Victoria
Also from Shine Lawyers
Settlement Approved On 25 March 2026, the Supreme Court of Victoria approved the settlement of the EML Payments Ltd Class Action and the Settlement Distribution Scheme. The Court appointed Shine Lawyers as the Settlement Administrator. Shine Lawyers will contact registered group members directly with information about their claims and the next steps in the settlement process. Settlement Approval Hearing Status The Supreme Court of Victoria heard the application for approval of the in-principle settlement on 30 October 2025 and 19 December 2025. Judgment on the settlement approval application is reserved. In-principle Settlement reached Shine Lawyers, on behalf of group members, have reached an in-principle agreement to settle the EML Payments Shareholder Class Action for $37,356,125 inclusive of interest and costs. The amount is conditional on approval by the Supreme Court of Victoria. The Supreme Court of Victoria has also approved the Settlement Notice to be sent to Registered Group Members. A copy of the Notice, along with other important case documents, are available to be downloaded below. If you are a Group Member, please read the Settlement Notice carefully. Opt Out and Registration has now concluded The deadline for group members to opt out or register for the class action was 4.00pm (AEDT) on 24 February 2025. An opt out and registration notice approved by the Supreme Court of Victoria was sent to potential group members in the EML Payments Class Action in January 2025. The notice informed group members of their options to register for the class action, opt out or do nothing, and what those options would involve.
Source: Shine Lawyers
About This Case
Group proceeding brought on behalf of those who acquired an interest in ordinary shares of the defendant (EML Payments) between 19 December 2020 and 25 July 2022 (inclusive) and who suffered loss or damage by reason of the defendant’s conduct.
The conduct alleged comprises representations to the market in respect of EML Payments’ acquisition of Prepaid Financial Services (Ireland) Limited (PFS) in March 2021.
On 19 May 2021, EML Payments announced that PFS was under investigation by the Irish financial regulatory authorities in respect of its compliance with anti-money laundering and counter-terrorism financing (AML/CTF) obligations, causing a significant decline in EML Payments’ share price.
The claim alleges EML Payments made representations that it exceeded expected compliance with corporate governance and risk management standards and principles, which were shown to be false given the regulatory risk posed by its acquisition of PFS.
The claim further alleges that EML knew or ought to have known its representations as to its own regulatory compliance were false, and that the Irish authorities were investigating PFS, but that it did not disclose the true position on either point to the market, in breach of its continuous disclosure obligations.
Source: Supreme Court of Victoria
Also from Shine Lawyers
Settlement Approved
On 25 March 2026, the Supreme Court of Victoria approved the settlement of the EML Payments Ltd Class Action and the Settlement Distribution Scheme. The Court appointed Shine Lawyers as the Settlement Administrator.
Shine Lawyers will contact registered group members directly with information about their claims and the next steps in the settlement process.
Settlement Approval Hearing Status
The Supreme Court of Victoria heard the application for approval of the in-principle settlement on 30 October 2025 and 19 December 2025.
Judgment on the settlement approval application is reserved.
In-principle Settlement reached
Shine Lawyers, on behalf of group members, have reached an in-principle agreement to settle the EML Payments Shareholder Class Action for $37,356,125 inclusive of interest and costs. The amount is conditional on approval by the Supreme Court of Victoria.
The Supreme Court of Victoria has also approved the Settlement Notice to be sent to Registered Group Members.
Source: Shine Lawyers
Who May Be Eligible
Group proceeding brought on behalf of those who acquired an interest in ordinary shares of the defendant (EML Payments) between 19 December 2020 and 25 July 2022 (inclusive) and who suffered loss or damage by reason of the defendant’s conduct.
Source: Supreme Court of Victoria
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: there must be 7 or more people that have claims against the same defendant; and the claims relate to the same or similar circumstances; and the 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 Supreme Court of Victoria and Shine Lawyers. 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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