Sydney, Australia: (Nov-12-07) A class action shareholder lawsuit was brought against Telstra. In a settlement reached, Telstra will pay up to $5 million to settle the $300 million class action brought against the telco by some of its shareholders. After legal and administrative costs, investors were expected to share about $3.7 million in compensation from Telstra. The company, which was approached with the settlement proposal after it provided its evidence, said if all eligible shareholders participated, then the payment to each would be less than one cent for every share purchased in the period. The court ordered that the law firm handling the case place advertisements in newspapers notifying shareholders who bought Telstra shares between August 11, 2005, and September 6, 2005, of their rights to object to the proposed settlement. [
SYDNEY MORNING HERALD: TELSTRA SECURITIES]
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