Billabong International Limited
(ASX:BBG) has announced it has entered into an agreement to settle a class action bought against the company in 2015.
The class action statement of claim related to an alleged failure in certain market disclosures that occurred in 2011.
A settlement of $45 million will be made to the applicants and comes without an admission of liability by Billabong.
The company has indicated the settlement has already been paid and provided for in previous financial reports and will have no impact on immediate or future cash flows or earnings reports.
Billabong International Limited reported a net loss of $1.59 million at 31 December 2015.
