The multi-million dollar conditional settlement will be paid to investors who believe Leighton failed to disclose problems with a number of its key infrastructure projects.
The claim was filed in October 2013 following a series of profit downgrades and concerns regarding disclosure breaches.
Maurice Blackburn Lawyers principal Rebecca Gilsenan said the settlement had occurred “efficiently and early in the litigation process, which is a great outcome for the shareholders affected”.
“A case like this reinforces to all investors in the Australian market that they can have faith in our system,” said Ms Gilsenan.
“Private enforcement through class actions makes a difference and it complements the enforcement activities of ASIC.”
The lead applicant in the case, Inabu’s principal consultant of planning and institution development, David Sloper, said he was “relieved to see justice done”.
“People lost money they invested in good faith, and I’m grateful that this class action has given me and others the opportunity to recover compensation for our losses,” said Mr Sloper.
“There is no way that I could have taken such action on my own to hold the company accountable and get a just outcome, so this is a win for everyone involved.”
