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.
Settlement Update
The settlement of the Treasury Wine Estates Limited Class Action has been approved by the Court On 24 June 2025, the Honourable Justice McDonald of the Supreme Court of Victoria made orders approving the Settlement. Distribution of the settlement fund is due to commence in late 2025 and Distribution Notices are expected to be distributed from August 2025. Only group members who registered their claim before 20 December 2023, or who were otherwise deemed to be registered group members by order of the court, are eligible to share in the settlement. Registered group members who are eligible to share in the settlement will be provided with further information regarding their individual entitlement to compensation. If you are a registered group member, you will receive an email about your distribution from 8 August 2025. You do not need to take any steps until you receive that email. On 14 October 2024, the parties announced they had reached an in-principle settlement of $65 million, inclusive of legal costs. The proposed settlement was agreed to on a no admission of liability basis and was subject to Court approval. A Court-ordered Notice of Proposed Settlement was distributed to Group Members from 17 April 2025. Notices were distributed by email or post. A copy of the Notice of Proposed Settlement is also available at this link.
Source: Slater and Gordon
Also from Supreme Court of Victoria
The proceeding has settled and the proposed settlement has been approved.
Source: Supreme Court of Victoria
About This Case
Treasury Wine Estates Limited
The settlement of the Treasury Wine Estates Limited Class Action has been approved by the Court On 24 June 2025, the Honourable Justice McDonald of the Supreme Court of Victoria made orders approving the Settlement. Distribution of the settlement fund is due to commence in late 2025 and Distribution Notices are expected to be distributed from August 2025.
Only group members who registered their claim before 20 December 2023, or who were otherwise deemed to be registered group members by order of the court, are eligible to share in the settlement.
Registered group members who are eligible to share in the settlement will be provided with further information regarding their individual entitlement to compensation.
If you are a registered group member, you will receive an email about your distribution from 8 August 2025. You do not need to take any steps until you receive that email.
On 14 October 2024, the parties announced they had reached an in-principle settlement of $65 million, inclusive of legal costs. The proposed settlement was agreed to on a no admission of liability basis and was subject to Court approval.
A Court-ordered Notice of Proposed Settlement was distributed to Group Members from 17 April 2025. Notices were distributed by email or post. A copy of the Notice of Proposed Settlement is also available at this link.
Group members who would like further information may request one or both of the following confidential documents:
The Deed of Settlement
The Confidential Schedules D, E and F of the Settlement Distribution Scheme.
On 31 March 2020, Slater and Gordon commenced a group proceeding (class action) against Treasury Wine Estates Limited ( TWE).
The proceeding relates to TWE’s conduct between the period
30 June 2018 to 28 January 2020 (inclusive). Investors who purchased shares in Treasury during this period are group members in the proceeding.
Allegations
The proceeding alleges that TWE contravened its obligations of continuous disclosure and engaged in misleading or deceptive conduct, breaching relevant provisions of the Corporations Act 2001 (Cth). TWE made several representations between 2018 and 2019, which the proceeding alleges were misleading.
On 31 January 2018,
TWE released to the ASX a document entitled
Interim 2018 Results. In this, TWE stated as a result of its new market model, the performance of its “Americas” division would strengthen through FY19 and FY20 and contribute to accelerated EBITS growth for TWE through FY19, FY20 and beyond.
On 14 February 2019,
TWE released to the ASX a document entitled
Interim 2019 Results. In this, the company stated that an EBITS growth rate of approximately 15% to 20% was expected for FY20.
On 15 August 2019, TWE released to the ASX a document entitled 2019 Annual Results Announcement. In this, the company further said that group FY20 EBITS results would be delivered by growth in all markets, through continued top line growth and premiumisation and ongoing operational efficiency.
On 16 October 2019,
TWE released to the ASX a copy of the investor presentation and speaking notes from its Annual General Meeting, in which it reaffirmed the FY20 Guidance.
On 28 January 2020,
TWE released the FY20 Downgrade. The market’s reaction to the FY20 Downgrade was substantial, with the price of TWE shares falling by approximately 20% over the following trading days.
Consolidation of two class actions
A second class action was filed against TWE by Maurice Blackburn Lawyers in respect of the same claim period and with substantially similar allegations.
On 15 October 2020, the Court consolidated the two class actions into one. This means the Consolidated Proceeding is now brought by both plaintiffs jointly. The Joint Plaintiffs have now filed a Consolidated Statement of Claim. This aligns the allegations and claims made in the two class actions into a single statement of claim.
Joint Plaintiffs
The first plaintiff is [name withheld] as trustee for the Stallard Superannuation Fund.
The second plaintiff is [name withheld] (together, the Joint Plaintiffs).
Joint Solicitors
Slater and Gordon.
Maurice Blackburn Lawyers.
The firms are jointly named as solicitors for the Joint Plaintiffs. They are working together to run the Consolidated Proceeding on behalf of all group members. This is the sixth time that the two firms have worked together on a shareholder class action.
Source: Slater and Gordon
Also from Supreme Court of Victoria
Group Proceeding (class action) brought on behalf of persons who purchased shares in Treasury Wine Estates (TWE) between 30 June 2018 and 28 January 2020. The claims allege that TWE made misleading representations and failed to comply with its continuous disclosure obligations as a company listed on the Australian Stock Exchange, and that group members are entitled to compensation for losses they have incurred as a result of their purchases of TWE shares.
Source: Supreme Court of Victoria
Who May Be Eligible
persons who purchased shares in Treasury Wine Estates (TWE) between 30 June 2018 and 28 January 2020
Source: Supreme Court of Victoria
Frequently Asked Questions
What should I do if I missed registration?
The deadline for registration was 20 December 2023. The deadline for late registrants to seek permission from the Court to be included in the Proposed Settlementwas 15 May 2025.
I need to amend the trade data that I provided with my registration. What should I do?
The deadline to request to amend trade data was 5pm (AEST) on 15 May 2025.
Do I have to pay any individual costs?
You will not be required to pay any out-of-pocket costs. Any costs the Court approves as reasonable will be deducted from the settlement sum prior to the distribution of the settlement to eligible group members.
I disagree with the terms of the settlement. How do I object?
The deadline for Group members to submit their objections to the court or ask to appear at the settlement approval hearing was 15 May 2025. Please note that as settlement administrator, we were unable to provide any individual legal advice or to otherwise assist with the objections process.
I want to opt out of the settlement.
The deadline to opt out of the Treasury Wine Estate class action was Friday 20 December 2023. If you did not opt out and also did not register before that date, you are still considered a group member in this class action, but you will not be eligible to receive compensation. You will be bound by the outcome and will lose any rights that you may have to bring your own claim against Treasury Wine Estates for the alleged conduct.
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.
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