Australian contractor pays investors for not keeping them up-to-date on Wembley cost over-runs

Multiplex has agreed to pay out 拢63m to investors who accused the firm of not keeping them up to date on Wembley cost over-runs

The judgment, made by the Federal Court of Australia last Wednesday, comes after Multiplex and Mott MacDonald settled their 拢253m row over Wembley last month.

Shareholders launched a class action against Multiplex, since bought by contractor Brookfield, for failing to inform them of problems on the Wembley project.

Multiplex made no admission of liability for problems on Wembley stadium as part of the settlement with shareholders, which was finished two years late and up to 拢300m over budget.

The company filed a writ in December 2008 claiming 拢253m in damages from Mott for failing to warn it of design changes and providing 鈥渓ate and inadequate鈥� information on the stadium rebuild. Mott MacDonald claimed Multiplex was responsible for the delays and problems.

Last month the two parties settled the case, the largest in UK construction history, although it is not known whether either side has accepted liability.

Topics