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Am I eligible to join this class action?
You're eligible to register if you:
- purchased one or more Crown shares in the period from 11 December 2014 to 18 October 2020 (Relevant Period); and/or
- owned one or more Crown shares as at the commencement of trading on 11 December 2014 and still held at least one of those shares as at the close of trading on 18 October 2020.
If you're unsure whether you are eligible, or are having difficulty completing the registration form, please contact us at CrownAML@mauriceblackburn.com.au.
Contact the team
Call: 1800 497 192
Email: CrownAML@mauriceblackburn.com.au
About this class action
Maurice Blackburn, on behalf of our client Greg Lieberman, has filed a class action in the Supreme Court of Victoria against Crown Resorts Limited (ASX:CWN) alleging that in the period from 11 December 2014 to 18 October 2020, Crown had inadequate systems and processes for ensuring compliance with its obligations under anti-money laundering laws, including as they applied to its VIP international business and engagement with overseas junket tour operators, and also had inadequate systems and processes for ensuring compliance with its casino taxation obligations.
The class action follows explosive evidence by Crown directors and executives at the NSW Casino Inquiry in 2020 (and at subsequent Royal Commissions in Victoria and Western Australia), and a concession from Crown it was “more probable than not” that criminals had laundered money through bank accounts of its subsidiaries. At the AGM on 22 October 2020, chairwoman Helen Coonan “unreservedly apologised” for Crown’s “governance and risk management failings”.
The claim alleges that Crown engaged in misleading and deceptive conduct; breached its continuous disclosure obligations; and conducted its affairs contrary to the interests of members as a whole in the period.
This class action has been launched following Crown’s ASX announcement early on 19 October 2020 that the anti-money laundering regulator, AUSTRAC, had initiated a formal enforcement investigation into Crown having identified potential non-compliance in relation to ongoing customer due diligence, and adopting, maintaining and complying with an anti-money laundering / counter-terrorism financing program. Following that announcement, there was a significant market response, with a decline in the Crown share price of over 8% on 19 October 2020.
The class action aims to recover compensation from the company.
Earlier class action against Crown – Crown (China Arrests) Class Action
This is the second class action Maurice Blackburn has launched against Crown. Maurice Blackburn previously ran a class action against Crown on behalf of shareholders who purchased Crown shares in the period 6 February 2015 to 16 October 2016 (Crown (China Arrests) Class Action). That case followed on a fall in the company’s share price on 17 October 2016 after revelations that 19 Crown employees had been detained in China on suspicion of engaging in illegal marketing of its gambling services. That class action has now concluded.
If you registered to participate in the Crown (China Arrests) Class Action, you will still need to register separately for the Crown II Class Action by the registration deadline.
Frequently asked questions
If you received an abridged Opt Out and Registration Notice by email or post, you have been identified by Computershare (Crown’s share registry provider) as a potential group member in the Crown II Class Action.
If you are a group member in the Crown II Class Action, and you wish to participate in the class action and potentially receive compensation if the parties agree to a settlement of the class action on or before the commencement of the trial of the class action (which is currently scheduled to commence on 13 April 2026), and which is subsequently approved by the Court, you must register by 4pm (AEST) on Friday, 23 August 2024.
We encourage group members who wish to remain a group member in the Crown II Class Action to register. By registering your claim, you will remain as a group member in the class action and your claims will be collectively resolved through the class action. This means that you will be bound by any settlement that is approved by the Court or judgment in the class action.
If you are a group member, and you decide not to opt out and do not register, you will not be entitled to receive any compensation from any settlement of the class action that may be entered into prior to the commencement of trial (unless the Court makes an order permitting you to participate).
You do not need to register with us again if you have already done so. You should only register once.
Opting Out
If you want to opt out, you must do so by 4pm (AEST) on Friday, 23 August 2024. If you opt out, you will cease to be a group member in the Crown II Class Action.
This means:
- You will not be entitled to share the benefit of any order, judgment or settlement in favour of the plaintiff and group members in the class action.
- You may be at liberty to bring your own separate claim against Crown, provided that you file Court proceedings within the time limit applicable to your claim. If you wish to bring your own claim against Crown, you should seek your own independent legal advice about your claim and any applicable time limits prior to opting out.
You can opt out by filling out the form attached to the full Opt Out and Registration Notice, or submitting an online opt out notice at the Supreme Court of Victoria website here.
During the registration process, you will need to provide the following details, to the extent that you are able to:
- an email address, which you check regularly;
- the claimant’s Holder Identification Number (HIN) or relevant Securityholder Reference Number (SRN), if you know it;
- 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 held the shares jointly with another person, that other person’s name; and
- if the claimant has multiple holdings of shares, separate transaction details for each holding.
You will also be asked to provide details about the claimant’s shareholding(s), including:
- the number of Crown shares that the claimant held as at the commencement of trading on 11 December 2014;
- the date, quantity and price of the claimant’s acquisitions of Crown shares during the period 11 December 2014 to 23 October 2020;
- the date, quantity and price of the claimant’s disposals of Crown shares during the period 11 December 2014 to 23 October 2020; and
- the number of Crown shares that the claimant held as at the close of trading on 23 October 2020.
Tips:
- When you are completing the online registration form, please be aware that fields marked with an information symbol have a pop-up help box which explains the information you will need to enter.
- Mandatory fields are marked with an asterisk (*). An error notification will appear if invalid data is entered or if required fields are left blank.
To obtain the information required to register, or check whether you acquired shares in Crown between 11 December 2014 and 18 October 2020 (inclusive), or owned shares in Crown as at the close of trading on 18 October 2020, you could:
- Request copies of your records from your stockbroker (if you have one) or from your online share trading account (e.g. CommSec).
- Check copies of contract notes, Issuer Sponsored Holding Statements, or CHESS Holding Statements which record the share transactions you have entered into.
- If you participated in the dividend reinvestment plan, check your dividend statements which will reflect shares issued to you.
- Contact any third-party advisors, such as your financial advisor, lawyer or accountant, who may hold records on your behalf.
- View a summary of your shareholding and download your transaction history via Computershare’s Investor Centre here. You will need your HIN (Holder Identification Number) or SRN (Securityholder Reference Number), and postcode as shown on previous statements and communications from Crown. Please include the letter when entering the HIN or SRN.
You are not, and will not be, liable for any legal costs out of your own pocket by registering to participate, or otherwise remaining as a group member, in the class action. You are also not required to enter into any contract or agreement with Maurice Blackburn to register your claim.
If the class action is unsuccessful, group members will not be liable to pay any legal costs (and Maurice Blackburn will not be entitled to recover any legal costs).
If the class action is successful (that is, if any monetary compensation is recovered by way of settlement or judgment for the plaintiff and group members), the legal costs that are payable to Maurice Blackburn will only be deducted from, and will not exceed, the amount of monetary compensation recovered.
On 22 December 2022, the Supreme Court of Victoria made a Group Costs Order (GCO) in relation to the Crown II Class Action. This means that, in the event of a successful outcome in the class action, the legal costs payable to Maurice Blackburn will be calculated as a percentage of the amount which is ultimately recovered for the benefit of group members (and not on the more traditional time-based method of charging). The GCO percentage is intended to cover all legal costs in conducting the class action – there are no additional charges for disbursements, or any charges payable for litigation funding.
The GCO percentage rates are as follows (and are subject to the power of the Court to amend the GCO at a later date):
For each dollar of resolution sum that is recovered between: | The applicable GCO percentage (incl GST) is: |
$0 - $100 million | 27.5% |
$100.1 million - $150 million | 22.0% |
Over $150 million | 16.5% |
If you sold all of your Crown shares in the Relevant Period, you remain eligible to register as long as you also purchased shares in the Relevant Period.
If you sold your Crown shares after the end of the Relevant Period (or if your shares were acquired by Blackstone in 2022), you remain eligible to register as long as you either purchased shares in the Relevant Period or owned some shares as at the close of trading on 18 October 2020.
In June 2022, SS Silver II Pty Ltd (an entity owned by funds managed or advised by Blackstone Inc. and its affiliates) acquired all Crown shares by way of a scheme of arrangement. The quotation of Crown shares on the ASX was suspended at the close of trading on 15 June 2022.
If your Crown shares were acquired by Blackstone in the scheme of arrangement, this does not affect your eligibility to register for the Crown II Class Action. As long as you purchased shares in the Relevant Period, or owned some shares as at the close of trading on 18 October 2020, you are eligible to register your claim with us.
It is difficult at this stage to predict how much you will ultimately recover as a result of losses that may have been suffered in relation to your Crown shareholding(s).
If Crown is found to have breached the Corporations Act 2001 (Cth) and/or other laws which caused the loss claimed, the size of your claim will depend on how the Court assesses your loss. The methodology that a Court may ultimately adopt when assessing your loss is not fully settled in Australian law.
If you are an institutional investor and wish to register, please contact Maurice Blackburn by email at CrownAML@mauriceblackburn.com.au to provide your contact details and receive an Institutional Investor Claim Package. The Claim Package includes a trade data template for you to complete and return to us.
Key documents
- Full Opt Out and Registration Notice
- Class Action Summary Statement
- Second Further Amended Statement of Claim
- Defence to Second Further Amended Statement of Claim
- Reply to the Defence to Second Further Amended Statement of Claim
- Rejoinder to Reply to Defence to Second Further Amended Statement of Claim
- Group Costs Order (made on 22 December 2022)
- Case Management Orders (made on 31 May 2024)
- Opt Out and Registration Order (made on 7 June 2024)
Australian leaders in class actions.
Our reputation for excellence in class actions is unparalleled, having recovered more than $4.3 billion for clients.
We are the only Australian class actions firm to deliver $100m+ settlements to clients in shareholder and listed securities actions, which we have done on ten occasions.
Lower cost to clients
Biggest recoveries
Most experienced
Australian leaders in class actions.
Our reputation for excellence in class actions is unparalleled, having recovered more than $4.3 billion for clients.
We are the only Australian class actions firm to deliver $100m+ settlements to clients in shareholder and listed securities actions, which we have done on ten occasions.
Lower cost to clients
Biggest recoveries
Most experienced
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