Australian Shareholders Hit Treasury With Writedown-Related LawsuitNovember 7, 2013
Australian shareholders are suing Treasury Wine Estates relating to the wine giant’s July writedown of up to A$160 million ($146m) against excess stock in the market. The suit is being led by Melbourne City Investments, which represents an unknown number of Australian shareholders. The lawsuit alleges that Treasury should have warned sooner of the possibility of a writedown. Separately, litigation funder IMF said late last month that it was also planning legal action against Treasury. Treasury has denied any wrongdoing in the matter.Subscribe to Shanken News Daily’s Email Newsletter, delivered to your inbox each morning.