Medibank shareholders launch class action

Medibank is facing another lawsuit over its 2022 data breach, this time from shareholders.

The medical insurer yesterday announced that the class action had been filed in the Supreme Court of Victoria.

“Medibank understands that these proceedings have been brought on behalf of persons who acquired an interest in Medibank shares during the period July 1 2019 to October 19 2022 and is being brought by Quinn Emanuel," the company said.

“The statement of claim includes allegations that Medibank breached its continuous disclosure obligations under the Corporations Act 2001 and ASX Listing Rules by not disclosing to the market information relating to alleged deficiencies in its cyber security systems.”

Medibank said it intends to contest the allegations.

A separate class action was filed in February on behalf of current and former customers whose data was breached in the 2022 attack.

Medibank first disclosed the data breach in October 2022, after attackers attempted to extort money out of the company.

When Medibank refused to pay, the attackers made a series of dark web data dumps, which ended at the end of November.