Maddocks acted for the former Chief Financial Officer of Australian mining company Zinifex in a class action commenced by the company’s former shareholders.
The class action arose out of Zinifex’s merger with another Australian mining company, Oxiana, to form OZ Minerals. The shareholders in the action claimed an alleged failure to disclose relevant details of US debt facilities, worth up to US$640 million.
In defending the plaintiff’s claims, OZ Minerals commenced separate proceedings against the directors and chief financial officers of both Oxiana and Zinifex, together with each of their lawyers, accountants and the independent expert who advised on the merger.
The action was settled in June 2016.