17 May 2007
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We apologise for any inconvenience.
Gerard Malouf & Partners
Corrective Statement
GMP Legal has given an undertaking to the Federal Court of
Australia to publish this corrective statement on the GMP Legal Class Action
portion of the website, to clarify some misunderstandings that may have arisen
if members of the public had logged into or accessed or read material that was
published on that portion of the website up to 17 May
2007.
GMP wishes to correct any possible misunderstanding in case any
persons may have believed, incorrectly, that they may have had either to (a) “register” with GMP or (b) to
complete GMP Legal’s online questionnaire, in order to (c) “join” the class
actions.
GMP Legal wishes to clarify that anyone who satisfies the definition of the
classes is already part of the
class actions, by operation of law,
unless that person chooses, or elects, to “opt out” of the class
action. Registration with GMP Legal
is entirely optional, as it will assist GMP Legal to keep you informed about the
progress of the class actions. But
if you satisfy the definition of the class members, you remain part of the class
regardless of whether you register your interest with us or not. The definitions of the classes, or
groups, may have been unclear from some of the material previously on our
website up to 17 May 2007.
The classes, or groups of people (‘group members’) who are already included by operation of law in
the class actions against Veda (formerly Baycorp) are presently defined as
follows, in the documents that were lodged in the Federal Court of Australia on
12 March 2007:
We wish to clarify that all people who meet each and all of the
following four criteria are group members
already:
(1) 1st
criterion: people who were resident in either (a)
New South Wales, (b) Queensland or (c)
Victoria;
(2) 2nd
criterion: people who at or between, various dates
in the 3 year period from 12 March 2004 to 12 March 2007 were each named and
identified by Veda Advantage Information Services and Solutions Limited
(formerly known as Baycorp Advantage Information Services Limited) as having
breached that person’s credit obligations in a manner stated as being either (a)
a “default, clear out” or “default clear out watched”; or (b) a “default”, or (c) a “bankruptcy” or “bankruptcy part
9”
(3) 3rd criterion: people who as a result of the
naming and identification by Veda/Baycorp suffered either (a) a refusal of
credit, and/or (b) an increase in the cost to that person of seeking or
obtaining credit, and/or (d) loss of opportunity to invest in or purchase
property. In addition, in some cases it is a
necessary requirement of being a group member that, as a result of their naming
and identification by Veda/Baycorp, people suffered public humiliation, whilst
in some cases the suffering of public humiliation is an optional criterion of
membership of the group.
(4) 4th
criterion: people who, at the date of the
disclosure of their disclosure by Veda/Baycorp did not actually satisfy the
criteria that Veda/Baycorp specified to determine if a person was in fact in
breach of that person’s credit obligations in a way known as (a) a “default, clear out” or “default clear out watched”; or (b) a “default”, or (c) a “bankruptcy” or “bankruptcy part
9”
The Federal Court of Australia may approve changes to these
criteria of class (group) membership later on in the proceedings. The Federal Court will also set a date,
later on, to let class members know the deadline if any class member wishes to
“opt out” of the class actions.
You are welcome to contact GMP Legal to help clarify if you satisfy the criteria for class (group) membership.
Class Action Hotline Phone: 1300 887 848