AMA Group and its former Chief Executive Officer, Andrew Hopkins, have settled their respective lawsuits on agreed terms.
In a statement to the Australian Stock Exchange, AMA Group said the settlement is confidential, but revealed that:
- Hopkins and his company Cedarfield (the Hopkins Parties), without any admission, are to pay AMA Group a confidential sum of money and have agreed to release AMA Group from any claims relating to Hopkins’ role as former CEO and their prior business relationship
- The AMA Parties (AMA Group and AMA Group Solutions) have agreed to release the Hopkins Parties from claims relating to Hopkins’ role as former CEO and their prior business relationship with the AMA Parties.
“The board of AMA Group Limited is pleased that the matter is now resolved, and with the outcome of the proceedings,” the statement said.
In May 2021, BodyShop News reported that AMA Group had filed proceedings in the Federal Court of Australia against Hopkins in an attempt to recover more than $2.4 million, alleging unauthorised expenses of around $1 million and repayment of an outstanding loan of around $1.4 million.
Hopkins rejected the accusations, saying claims of financial impropriety against him were a “complete stitch-up” and lodged a counterclaim. According to the Australian Financial Review, he alleged he was owed more than $5 million for underpayments and lost bonuses.