Telstra settles class action suit

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The Federal Court of Australia has approved a plan for 29,000 Telstra investors to share $3.7 million in compensation after filing a class action suit against the telco on the basis that they were denied sensitive information when they bought shares between August 11 and September 2, 2005.

Telstra has insisted on that it did not breach continuous disclosure obligations, but said that settling the case was in the best interest of the shareholders.

Slater & Gordon, the law firm handling the class action, will receive $1.25 million for its service.

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