The former bosses of Tasmanian timber company Gunns may face a class action lawsuit. National law firm Maurice Blackburn said that it is considering whether to sue Gunns’ directors and officers now the company has gone into administration. Source: ABC News
The law firm is representing more than 300 shareholders who claim they have lost millions of dollars because of poor disclosure of the company’s accounts.
The group’s lawyers are seeking between $35 and $70 million in damages.
Maurice Blackburn principal Rebecca Gilsenan says the firm is considering pursuing Gunns’ bosses to recover losses if shareholders are successful.
She says it will depend on whether Gunns has taken out insurance against such legal action.
Former Tasmanian Liberal Premier Robin Gray, former chief executive John Gay and chairman Chris Newman are among those who could be sued.
Maurice Blackburn cannot say when a decision will be made.
