Medibank Private Group Proceeding (Class Action)

This matter is a group proceeding (class action) brought by persons who allege that they acquired an interest in shares in Medibank Private Limited (Medibank) between 1 July 2019 to 25 October 2022 (inclusive) and suffered loss or damage as a result of Medibank’s conduct. 
 
It is alleged that there was a data breach of Medibank’s network in 2022 during which hackers extracted the personal and health claims data of Medibank customers and that some of the stolen data was publicly released via the dark web.
 
It is alleged that Medibank engaged in misleading or deceptive conduct and breached its continuous disclosure obligations by not disclosing information regarding alleged deficiencies in its cyber security systems, and that this caused the price of Medibank’s shares to be greater than their true value, and/or their value if not for the alleged breaches. The plaintiffs and group members seek compensation for purchasing shares in Medibank at an allegedly inflated price due to the alleged conduct. Medibank denies the substance of the claims against it.
 
This proceeding is a consolidated proceeding. Prior to consolidation, the two lead plaintiffs had separately issued two group proceedings against Medibank, being S ECI 2023 01227 (the Kilah proceeding), and S ECI 2023 02833 (the Sinnamon proceeding). On 6 September 2023, the Honourable Justice Attiwill made an order consolidating the Kilah and Sinnamon proceedings and made Robert Kilah and Brendan Sinnamon joint representative plaintiffs. Quinn Emanuel and Phi Finney McDonald were also made the joint solicitors for the plaintiffs.