EML Payments Shareholder Class Action
Maurice Blackburn Lawyers is investigating a shareholder class action against EML Payments Limited (ASX: EML), following revelations that the Central Bank of Ireland had raised “significant regulatory concerns” regarding anti-money laundering and counter terrorism financing matters.
Maurice Blackburn is investigating whether EML’s conduct breached its continuous disclosure obligations under the Corporations Act 2001 (Cth) and/or engaged in misleading or deceptive conduct.
Am I eligible to register for this class action?
You are eligible to register for the EML Payments class action if you:
- Purchased EML Payments shares between 11 November 2019 and 18 May 2021; and
- Still held one or more EML shares at the close of business on 18 May 2021
There is no need to sell shares to be eligible.
About this class action
Maurice Blackburn has launched an investigation into EML Payments Limited (ASX: EML), following revelations that the Central Bank of Ireland had raised “significant regulatory concerns” with an EML subsidiary’s anti-money laundering and counter terrorism financing risk and control frameworks and governance.
An ASX announcement from EML on 19 May 2021 revealed that the Central Bank of Ireland had “significant regulatory concerns” with PFS Card Services (Ireland) Limited (an EML subsidiary) about their anti-money laundering and counter terrorism financing risk and control frameworks and governance.
Following the announcement, EML’s share price fell by almost 46%.
Only days later, EML revealed they had “increased interaction” with the Central Bank of Ireland since mid-December 2020, yet had failed to inform the market about that information.
How do I register for the class actions?
Group members can register online here.
During the online registration process, we will ask you for the following details:
- an email address, which you check regularly;
- the claimant’s Holder Identifier Number (HIN) or relevant Security Holder Reference Number (SRN), if you know it;
- information on your shareholdings:
- if the claimant’s shares are held on his, her or its behalf by another person or entity (such as a broker or custodian), details of both those persons or entities and the capacities in which they held those shares;
- if the claimant holds the shares jointly with another person, that other person’s name;
- if the claimant has multiple holdings of shares, separate transaction details for each holding;
- the date, quantity and price of the claimant’s EML Payments (EML) share purchases and sales from 11 November 2019 and 18 May 2021.
Want to find out more?
Frequently Asked Questions
Maurice Blackburn is Australia’s leading class actions law firm with an unparalleled record of helping our clients secure the nation’s largest class action recoveries, totalling over $3 billion since 1998. Maurice Blackburn is the only Australian law firm to have recovered in excess of $100 million in shareholder class actions, a feat we have achieved on seven occasions.
Where seven or more people have claims that arise out of similar circumstances, a class action can be brought by one plaintiff on their own behalf and as a representative of others.
The class action process saves time and expense by avoiding the need for the courts to determine common issues of fact or law more than once. Class actions are efficient, enabling disputes and claims involving large numbers of people to be resolved via a single case.
We invite you to retain Maurice Blackburn as your solicitors for the class action. The Retainer and Costs Agreement is available via the registration process below. By retaining Maurice Blackburn we will be able to provide you with legal advice concerning the proceeding.
Signing up to this class action will not expose you to any upfront costs. All costs in the proceeding will be borne by Maurice Blackburn unless and until there is a successful outcome. In the event of a successful outcome, any costs payable by Maurice Blackburn will be deducted from, and will not exceed, any compensation you are entitled to receive. All such costs are required to be considered and approved by the Court.
As a member of the class (and not the Representative Plaintiff, in whose name the case has been brought), an adverse costs order may not be made directly against you in respect of the determination of the common issues in the class action. Unless and until there is a successful outcome, all costs will be borne by Maurice Blackburn.
It is difficult at such an early stage to predict how much you can ultimately recover as a result of losses that may have been suffered in relation to EML shareholdings. However, should proceedings be commenced, we will be seeking the maximum recovery available under the law.
Case documents & In the media
Leading class actions law firm Maurice Blackburn Lawyers is investigating a new shareholder class action against Queensland-based technology finance giant EML Payments after a regulator raised concerns about an Irish subsidiary’s compliance with anti-money laundering and counter terrorism financing risk and control frameworks.
Maurice Blackburn's class action
record is second to none.
We are the only Australian class actions firm to deliver $100M+ settlements to clients in shareholder and listed securities actions, and have done so on seven occasions.
We've recovered in excess of $3 billion for wronged clients since the inception of our class actions practice in 1998.
Our reputation for excellence in class actions is unparalleled, increasing our chances of:
Lower cost to clients
Andrew WatsonNational Head of Class Actions, Melbourne
"I'm an experienced litigator in class actions, particularly for shareholders who have been victims of corporate misconduct."