Overview of Retail Food Group's class action settlement

Retail Food Group Limited (ASX: $RFG) has entered into a binding deed to settle the class action brought against it and two related entities in the Federal Court of Australia. The settlement, subject to Court approval, involves a dismissal of the proceeding without RFG making any admission or payment to the applicant or class members. RFG has also agreed to release applicable class members from historical debts alleged in the proceeding, with no financial impact on its FY24 results.

Executive commentary on the class action settlement

RFG is pleased to have resolved the class action on the basis of the binding deed. This settlement, subject to Court approval, demonstrates our commitment to addressing legal matters in a responsible manner. We are glad to have reached an agreement that releases applicable class members from historical debts without impacting our FY24 results. This announcement has been authorised by the Board of Directors.

Summary of Retail Food Group's class action settlement and outlook

Retail Food Group (ASX: $RFG) has successfully entered into a binding deed to settle the Michel's Patisserie class action, pending Court approval. The settlement involves a dismissal of the proceeding without any admission or payment by RFG, and the release of applicable class members from historical debts, with no financial impact on RFG's FY24 results. This resolution reflects RFG's commitment to addressing legal matters responsibly. Looking ahead, RFG aims to continue managing its multi-brand retail food franchises and high-quality coffee products while upholding its corporate values and legal obligations.