7-Eleven’s $98m class action settlement: massive payout revealed
Convenience chain 7-Eleven is to pay $98m in a settlement of a franchisee class action, according to Lawyerly.
The revelation of the massive cost to the retailer comes a few weeks after the announcement of the settlement.
At the time the retailer confirmed a series of mediations in June had led to the agreement.
Today a spokesperson from the retail chain said “7-Eleven can confirm the parties have entered into a binding settlement deed which resolves the class actions without admission of fault or liability and which is subject to the approval of the Court.”
Back in 2018 a group of current and former franchisees alleged misleading and deceptive conduct, unconscionable conduct and contract breaches by 7-Eleven, and alleged the ANZ bank had provided loans that were unsustainable.
In July the parties agreed to settle the ongoing class action, which has been a thorn in the side of the convenience chain for three years.