Investor Presentaiton
EML Payments H1 FY2022 Financial Results
Legal Update
On 16 December 2021 Shine Lawyers filed group proceedings in the Supreme Court of Victoria.
The proceedings allege that EML did not comply with its disclosure obligations and
engaged in misleading and deceptive conduct regarding disclosure. The allegations relate
to EML's governance arrangements as regards its Irish subsidiary, PFS Card Services
Limited (PCSIL), and PCSIL's interaction with the Central Bank of Ireland (CBI).
EML does not consider that it has engaged in misleading and deceptive conduct, and considers that
it has at all times complied with its disclosure obligations. EML has engaged highly experienced
and leading class action defence lawyers and will vigorously defend the proceedings.
It is currently premature to determine the impact (if any) of the class action on EML.
- As class action proceedings can take an extended period to resolve and EML is resolute in its intention
to defend, EML has recognised a $10,500,000 provision for the highly likely legal costs that are
expected to be incurred in defence of the claims. EML intends to seek an order for security for such
costs from the class action Plaintiffs. Costs provided for are excluded from the underlying results.
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