Virgin Class Action

Overview

Balance Legal Capital I UK Ltd is funding a Class Action proposed to be filed in the Federal Court of Australia against Virgin Australia Holdings Limited (VAH) and one or more of its current or former directors or senior executives (collectively, ‘the Defendants’).

The Class Action is being conducted by Corrs Chambers Westgarth, a commercial law firm, on behalf of persons who acquired unsecured notes in VAH as described in a prospectus that VAH released on the Australian Securities Exchange (ASX) on 5 November 2019 (the Prospectus).

The Claim

The claims of the Class Action include that Virgin Australia Holdings Limited (VAH) failed to properly and adequately disclose its true financial position (in particular, its cash reserves and available finance) in the Prospectus, relating to an offer by it in the Prospectus to issue unsecured notes to raise approximately A$325 million.

The Scheme

The Class Action is being funded and conducted as a litigation funding scheme, compliant with regulations introduced by the Australian Government in 2020. The name of the scheme is ‘VAH Litigation Funding Scheme’ (ARSN 655 148 280) (Scheme).

As the Scheme’s Responsible Entity, CASL Governance Ltd (CASL), is responsible for issuing the Scheme’s Product Disclosure Statement, as well as any interest in the Scheme.

Who can participate in the Virgin Class Action?

You may be a Class Member and able to claim money from the Defendants, if you or your company acquired unsecured notes in Virgin Australia Holdings, as described in the Prospectus, on or after 5 November 2019.

Note: you will not be a Class Member if you are a Judicial Officer of the High Court of Australia or the Federal Court of Australia. 

I think I am a Class Member. What’s Next?

If you think you might be a Class Member, click on the ‘REGISTER YOUR INTEREST’ button below to register your expression of interest and to receive further information about the Class Action, including:

    1. A Product Disclosure Statement in respect of the Scheme (which gives more information on the Class Action, the Scheme and on your rights and entitlements if you choose to participate);
    2. How to participate; and
    3. Updates about the progress of the Class Action.

By registering your expression of interest, you are indicating your interest in receiving further information about the Class Action. Registering your expression of interest is not a commitment by any party to participate in funded litigation, nor is it an application to become a Class Member or member of the Scheme.

Balance’s Conflicts Policy – VAH Litigation Funding Scheme

Balance’s Complaints Handling and Resolution Policy (Australia)

VAH Litigation Funding Scheme, ARSN 655 148 280. Responsible Entity for the Scheme is CASL Governance Ltd, ABN 97 643 977 833, AFSL No. 525889.
Balance Legal Capital I UK Ltd as an Authorised Representative (Authorised Representative No. 001292706) of Balance Legal Capital LLP (AFSL No. 527315) is the Funder for the Scheme.