The sections below quote 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.
About This Case
The Star Entertainment Group Limited Class Action
Slater and Gordon, as instructed by the lead plaintiff, commenced a group proceeding (class action) against The Star Entertainment Group Limited (SGR.AX) (Star) on 29 March 2022.
Background to the proceeding
Star has held itself out as an ethical and responsible casino operator that complied with its legal and regulatory obligations.
However, widespread media reporting in October 2021 revealed that Star had cultivated high roller players who were allegedly associated with criminal or foreign-influence operations and had failed to comply with its obligations under anti-money laundering and counter-terrorism financing laws.
In response to those media reports, Star’s share price declined by more than 25 per cent, wiping more than $1 billion from the company’s value.
In 2021, the NSW Independent Casino Commission announced it would appoint Adam Bell SC to undertake a review of The Star and its Sydney Casino in order to determine if it was suitable to hold a license in NSW. On 17 October 2022 the NICC announced it had suspended The Star’s licence indefinitely, fined the casino $100 million, and appointed a manager. The NICC has since extended the suspension of The Star’s licence and the term of the appointed manager on multiple occasions, most recently to 30 September 2026.
The Allegations
This class action alleges that Star made misleading representations relating to its compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and associated instruments ( AML/CTF Laws). It is alleged that Star made misleading representations during the relevant period about its systems and processes for compliance with anti-money laundering obligations under the AML/CTF Laws. The alleged non-disclosures are also claimed to be breaches of Star’s continuous disclosure obligations as an ASX-listed company, in breach of the Corporations Act 2001 (Cth) and the ASIC Act 2001 (Cth).
The class action alleges that because of Star’s conduct, persons who purchased shares in Star between 29 March 2016 and 13 June 2022 (inclusive) paid more for those shares than they would have paid had Star complied with its obligations. The Star Class Action also alleges that some Group Members would not have purchased Star shares if Star had complied with its obligations.
Star denies the claims made against it in the Star Class Action and is defending the class action.
Group Members
This class action is brought on behalf of investors who:
Acquired an interest in Star shares between
29 March 2016 and 13 June 2022 (inclusive) ( Acquisition Shareholders); or Acquired an interest in Star shares at any point before 29 March 2016 and continued to hold those shares until 14 June 2022 ( Retained Shareholders); or Acquired long exposure to Star Shares by entering into equity swap confirmations in respect of Star Shares between 29 March 2016 and 13 June 2022.
If you fall into any of the above categories and would like to participate in the class action, and have not already registered, please register using the link below:
Opting Out
The deadline to opt out of the class action was Thursday 26 September 2024. If you opted out before the deadline, you are no longer a Group Member and are excluded from the class action.
Group Costs Order Awarded
We are pleased to advise that on 19 September 2023, Justice Nichols of the Supreme Court of Victoria approved a Group Costs Order GCO) at a rate of 14%.
This means that 14% is the maximum deduction Slater and Gordon can make from any settlement or judgment reached in the class action in payment for its legal costs.
We confirm that you will never pay any out-of-pocket costs for Slater and Gordon to act on your behalf.
Other class actions against Star
In addition to the Slater and Gordon Star class action, three other law firms commenced class actions on behalf of Star investors. We are pleased to inform you that on 19 September 2023, the Court awarded carriage of the Star class action to Slater and Gordon, and permanently stayed the three other class actions.
If you previously registered your interest with one of the other law firms, we do not have access to that information. If you still intend to participate in a class action against Star you should register using the button above.
Source: Slater and Gordon
Also from Supreme Court of Victoria
This is a group proceeding (class action) brought on behalf of persons who acquired an interest in ‘The Star Entertainment Group Ltd’ ( Star) shares during the period between 29 March 2016 and 13 June 2022 (inclusive), or those who acquired shares prior to 29 March 2016 and retained those shares until 14 June 2022 or later.
The claim alleges that Star made misleading representations relating to its compliance with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and associated instruments ( AML/CTF Laws). It is alleged that Star made misleading representations during the relevant period about its systems and processes for compliance with anti-money laundering obligations under the AML/CTF Laws. The alleged non-disclosures are also claimed to be breaches of Star’s continuous disclosure obligations as an ASX- listed company.
The claim follows the fall in the price of Star shares following the publication of the 2021 Channel 9 Reports concerning Star, Star’s announcement to the market on 19 October 2021 and following the public Bell Inquiry hearings.
If you have received an email or letter with details on how to register or opt out of this group proceeding, you have been identified as a potential group member.
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; or (2) opt out of the proceeding.
In summary, if you fall within the definition of a group member, you have three options:
If you want to be eligible to participate in any compensation recovered in the class action, you must register your claim in accordance with the Notice by 4:00pm (AEST) on 26 September 2024.
To register, you must either: complete the
online registration form with Slater & Gordon; or complete the appropriate registration form in Schedule 1 of the Notice and submit by email or post to the address for Slater & Gordon stated on the form (see separate registration form links below).
For further information on how to register, please refer to Option 1 on pages 4 and 5 of the Notice below.
If you do not want your rights determined by the class action you must opt out by 4:00pm (AEST) on 26 September 2024.
To opt out, you must either: complete the
online opt out notice; or complete the opt out notice in Schedule 2 of the Notice and return via email or post to the address on the notice for the Registry of the Supreme Court of Victoria.
For further information about opting out, please refer to Option 2 on pages 5 and 6 of the Notice below.
If you do nothing, you will remain as an unregistered group member in the class action. You will not be permitted to participate in any settlement reached at mediation or by Friday, 16 May 2025 or any subsequent date ordered by the Court. For further information about this option please refer to Option 3 on pages 6 and 7 of the Notice below.
The definition of a “group member” is set out in the Notice.
Source: Supreme Court of Victoria
How to Register
If you fall into any of the above categories and would like to participate in the class action, and have not already registered, please register using the link below: Register Here
Source: Slater and Gordon
Frequently Asked Questions
Is there a deadline to register?
There is currently no Court-ordered registration deadline. If you wish to register for the class action and have not done so previously, please click the registration button above. If you would like to confirm your registration status, you can contact us on 1800 071 827 or at star@slatergordon.com.au.
Is there a deadline to opt out?
The deadline to opt out of the class action was Thursday 26 September 2024. If you opted out before the deadline, you are no longer a Group Member and are excluded from the class action.
I first acquired my shares a long time ago, what do I do if I cannot find trade documentation for the purposes of filling out the registration form?
If you cannot locate your supporting documentation, we suggest you contact your share registry, Link Market Services. Link Market Services Australia: 1300 880 923 or starentertainment@linkmarketservices.com.au.
Source: Slater and Gordon
Disclaimer: This information is sourced from Slater and Gordon and Supreme Court of Victoria. 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.
Did this page answer your question?