EML Payments Class Action
Settled for A$37.4m and approved in March 2026. Two separate class windows with a gap between them — check your contract notes carefully, because the gap is where claims are lost.
Settled and approved. Distribution being administered.
| Case | EML Payments group proceeding, Supreme Court of Victoria |
|---|---|
| Firm | Shine Lawyers |
| Settlement sum | A$37.4 million |
| Approved | 25 March 2026 |
| Filed | 2022 |
| Class periods | 19 Dec 2020 – 19 May 2021 and 18 Aug 2021 – 25 Jul 2022 |
| Legal costs | Shine Lawyers approx. 24.5% of the recovery (~$9.34m) |
| Basis | Commercial settlement, no admission of liability |
Who is covered
Shareholders who acquired an interest in EML Payments (ASX: EML) during either of two windows:
- ✓19 December 2020 – 19 May 2021
- ✓18 August 2021 – 25 July 2022
This is a two-window class, not one continuous period. Shares acquired between 20 May 2021 and 17 August 2021 fall in the gap between them. Check your contract notes carefully — this is the single detail most likely to change whether you have a claim.
What the case was about
EML Payments is a prepaid card and payments business. In May 2021 the Central Bank of Ireland raised serious concerns about anti-money-laundering compliance at EML's Irish subsidiary, PFS Card Services. The share price fell heavily. What followed was a prolonged and repeatedly extended remediation programme, during which the market was given ongoing updates about the scope of the problem and the progress of the fix.
The two class periods map onto that story: the first covers the run-up to the Central Bank's intervention becoming public; the second covers the extended remediation period that followed. Shine Lawyers brought the proceeding in 2022. EML settled on a commercial basis — funding the settlement, interest and costs from cash reserves and borrowing facilities — without admitting liability.
Settlement status and what it means for members
The Supreme Court of Victoria approved the settlement on 25 March 2026, converting an in-principle agreement into a binding, Court-supervised scheme. The proceeding is now in administration.
On the arithmetic: of the A$37.4 million, Shine Lawyers is expected to receive approximately 24.5% — around $9.34 million — with further deductions for administration. Roughly $28 million or less is available to shareholders, spread across everyone who acquired EML shares in two windows covering a heavily traded period for a stock with substantial retail participation. Do not extrapolate the headline figure to your own holding.
What to do now
- 1Pull your contract notes for EML for the two windows. Your broker or the share registry can supply historical records.
- 2Check the dates precisely, including the gap between the windows.
- 3Register with the settlement administrator if you have not already. Participation in an approved Australian settlement scheme is normally conditional on registering by a Court-set date.
- 4Update your contact details if you have moved since 2022.
Frequently Asked Questions
Is the EML class action settled?
Yes. A$37.4 million, approved by the Supreme Court of Victoria on 25 March 2026. It is now in the distribution phase.
How much will I receive?
Not published as a per-share figure. After roughly 24.5% in legal costs plus administration, under $28 million is shared among shareholders who acquired within the two windows. Your share scales with the size and timing of your acquisitions.
I bought EML in June 2021. Am I covered?
No — that falls in the gap between the two class periods. The windows end 19 May 2021 and resume 18 August 2021.
Is it too late to register?
Check the Supreme Court of Victoria's EML Payments group proceeding page and the administrator's site for current deadlines. Registration cut-offs in approved Australian settlements are firm, and missing one generally means no payment even though you remain bound by the settlement.
Why is this in the Victorian Supreme Court and not the Federal Court?
Australian shareholder class actions can be brought in either. Victoria has an active group proceedings regime and is a common venue — it is also the only Australian jurisdiction permitting group costs orders, which has drawn shareholder claims there.
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