Shashank Bist & Anor v Cyan Stone Clydesdale Estate 1 Pty Ltd (In Liquidation) & Ors

Federal Court of Australia Proceeding No. NSD1174/2024

‘CLYDESDALE DEVELOPMENT AT MARSDEN PARK CLASS ACTION’

Settlement of the Clydesdale Development at Marsden Park Class Action

William Roberts Lawyers is pleased to confirm that, on 29 May 2025, the proposed settlement as set out in the Notice of Proposed Settlement was approved by the Federal Court of Australia pursuant to the judgment Bist v Cyan Stone Clydesdale Estate 1 Pty Ltd (in liquidation) (No 3) [2025] FCA 577 (‘Judgment’).

A redacted copy the Notice of Proposed Settlement can be accessed below.

A copy of the Judgment, which includes the orders made by his Honour Justice Jackman (‘29 May Orders’) and the reasons of Justice Jackman for the Orders (‘Reasons’) can also be accessed below.

Redacted Notice of Proposed Settlement

Judgment

What is the Clydesdale Development at Marsden Park Class Action about?

The Clydesdale Development at Marsden Park Class Action is a representative proceeding (otherwise commonly referred to as a ‘Class Action’), commenced by Shashank Bist and Natalia Bist (the Applicants) on their own behalf and on behalf of other persons (known as ‘Group Members’) in the Federal Court of Australia, pursuant to Part IVA of the Federal Court of Australia Act 1976 (Cth).

The Clydesdale Development at Marsden Park Class Action relates to the sale and purchase of certain lots of land ‘off the plan’ being part of a development site situated at Clydesdale in Marsden Park, Sydney New South Wales (described below) between on or around 2020 to date.

A Group Member that has duly completed and provided William Roberts Lawyers the Notice of Participation and Confidentiality Agreement at Schedule 1 of the Notice of Settlement, either online or through hardcopy, on or before 12 June 2025, is known as ‘Participating Group Member’.

Pursuant to the 29 May Orders, any Group Member who is not a Participating Group Member that has duly completed the Notice of Participation and Confidentiality Agreement at Schedule 1 of the Notice of Settlement, on or before 12 June 2025, will remain a Group Member for all purposes of the Clydesdale Development at Marsden Park Class Action but shall not, without leave of the Federal Court of Australia, be permitted to seek any benefit to any settlement approved by the Court.

How do I know if I am a Participating Group Member?

You are a Participating Group Member in the Clydesdale Development at Marsden Park Class Action if you are a person or entity who entered into a contract for the purchase of lots of land at Clydesdale at:

1. Precinct 3, 1270 Richmond Road, Marsden Park NSW 2765;
2. Precinct 3.1, 1270 Richmond Road, Marsden Park NSW 2765; or
3. Precinct 3.2, 1270 Richmond Road, Marsden Park NSW 2765;

from any or all of the following companies knows as the ‘Vendors’:

1. Cyan Stone Clydesdale Estate 1 Pty Ltd (In Liquidation);
2. Cyan Stone Clydesdale Estate 2 Pty Ltd (In Liquidation);
3. Cyan Stone Clydesdale Estate 3 Pty Ltd (In Liquidation);
4. Cyan Stone Clydesdale Pty Ltd (In Liquidation);
5. Cyan Stone Clydesdale Development Pty Ltd (In Liquidation); and/or
6. Cyan Stone Clydesdale Holdings Pty Ltd (In Liquidation);

and have duly completed and provided to William Roberts Lawyers the Notice of Participation and Confidentiality Agreement at Schedule 1 of the Notice of Settlement, either online or through hardcopy, on or before 12 June 2025.

If you are unsure whether you are a Participating Group Member of the Clydesdale Development at Marsden Park Class Action you should immediately contact William Roberts Lawyers by any of the two options listed below to make the relevant enquires or you should seek your own independent legal advice without delay:

1. By email sent to Clydesdaleclassaction@williamroberts.com.au; or
2. Calling the office of William Roberts Lawyers on (02) 9552 2111 and speaking to one of our team members.

Important Documents

On 10 June 2025, Participating Group Members would have received an email (‘Settlement Email’) regarding the next steps in the settlement of Clydesdale Development at Marsden Park Class Action that attached the Deed of Settlement and Release dated 17 April 2025 (‘Deed’) and the Settlement Distribution Scheme (‘SDS’).

Pursuant to the 29 May Orders, the settlement of the Clydesdale Development at Marsden Park Class Action is approved on the terms set out in the Deed and SDS.

If any Participating Group Member does not have a copy of the Settlement Email, Deed or SDS, they should immediately contact William Roberts Lawyers by any of the two options listed below to request the relevant documents or should seek their own independent legal advice without delay:

1. By email sent to Clydesdaleclassaction@williamroberts.com.au; or
2. Calling the office of William Roberts Lawyers on (02) 9552 2111 and speaking to one of our team members.

ALL PARTICIPATING GROUP MEMBERS SHOULD READ THE SETTLEMENT EMAIL, DEED AND SDS VERY CAREFULLY AND SEEK THEIR OWN INDEPENDENT LEGAL ADVICE WITHOUT DELAY.

IMPORTANT NOTE

Obligation to keep documents confidential

Pursuant to the Notice of Participation and Confidentiality Agreement that Participating Group Members have submitted, Participating Group Members have agreed that in order to receive a copy of the Deed from William Roberts Lawyers, they will:

1. Keep confidential and not disclose the Deed or any of its contents to any person or entity;
2. Ensure that the Deed is stored in a secure manner;
3. Notwithstanding the above, Participating Group Members are entitled to disclose the Deed:

a. to a professional legal or financial advisor; or

b. as required by law.

Pursuant to order 10 of the orders made on 5 May 2025 (‘5 May Orders’), publication or other disclosure of the dollar figures at:

1. Paragraphs [2.a)], [2.b)], [18.a)] and [18.b)] in the Notice of Proposed Settlement;
2. Clauses [4.1(a)] and [4.1(b)] of the Deed; and
3. The definitions of First Settlement Payment Date, Second Settlement Payment, Settlement Payments, and clause 4.1 of Schedule A of the SDS;

is prohibited for a period of two years from 5 May 2025, other than to:

1. a Participating Group Member (and to any independent legal and financial representatives they may engage);
2. the parties to the Clydesdale Development at Marsden Park Class Action;
3. the parties to the proposed settlement (and to their legal and financial representatives); and
4. to the Court and Court staff to whom it is necessary to disclose the material.

A copy of the 5 May Orders can be accessed below.

5 May Orders

The Proposed Settlement

The key terms of the settlement are set out in the Deed or are otherwise summarised at paragraphs 17 to 43 of the Notice of Proposed Settlement.

In short, the Applicants and the Seventh to Ninth Respondents (‘Astro Fort Parties’) have agreed on terms of settlement under which the Astro Fort Parties will allow each Participating Group Member or set of Participating Group Members (corresponding to each lot) to make an election, per lot, to either:

1. On their own, (or by way of nominee or call option), enter into a contract for the sale of land with Astro Fort Clydesdale Pty Ltd to repurchase their respective lots of land situated at the Clydesdale Development at the rate of $[INTENTIONALLY REDACTED] per square metre (‘New Contract’); or
2. Be paid a sum of money from the Astro Fort Parties, calculated at the rate of $[INTENTIONALLY REDACTED] per square metre (based on the square metre lot size of the group member’s respective lot(s) of land), in two tranches (the ‘Settlement Payments’),

(together , the ‘Settlement Election’).

For the Settlement Payments, the first tranche of payments is expected to occur on or before 29 November 2025 and the second tranche of payments is expected to occur on or before 29 May 2026.

The above dollar figures have been intentionally redacted pursuant to the 5 May Orders. If any Participating Group Member wishes to view the unredacted dollar figures, they should view the Settlement Email.

Do Participating Group Members need to pay anything?

Yes, in order to benefit from the settlement of the Class Action, Participating Group Members will be required to:

1. Contribute to the costs of the Clydesdale Development at Marsden Park Class Action as well as the administration of the settlement by paying a portion of the costs of the proceedings that will be split and paid by the Applicants and Group Members equally (‘Rateable Amount of Costs’); and
2. Make a payment of $1,000 to the Applicants (based on one payment per lot of land subject of a presale contract) (‘Applicants’ Reimbursement Payment’);

At this stage, on average, we estimate that the Rateable Amount of Costs plus the Applicants’ Reimbursement Payment will be approximately $15,000 per lot of land. Of course, this figure may increase or decrease subject to the square metre size of each lot of land and the number of Participating Group Members.

Why are Participating Group Members paying the Applicants’ Reimbursement Payment?

Participating Group Members are paying the Applicants Reimbursement Payment because the Court (as stated by Justice Jackman in his Reasons at paragraph 13) has considered the payment of  $1,000 ($500 per lead Applicant) fee per lot by Group Members as an “appropriate one” noting that it is to compensate the Applicants “for the onerous demands on their time and energy in acting as the representative parties, and undertaking the very substantial financial risk in relation to the litigation, in circumstances where no other group member was willing to take that risk or to run their own individual case for their own benefit” and further noting “I have read the evidence concerning the matters which the lead applicants attended to, as well as the financial risk which they personally undertook, with considerable admiration”.

How do Participating Group Members know how much money they will receive and how much they have to pay?

The SDS sets out the way in which the Rateable Amount of Costs, Applicants’ Reimbursement Payment and the Settlement Payments (if applicable) will be calculated and distributed to Participating Group Members. We recommend Participating Group Members review the terms of the SDS carefully.

In due course, Participating Group Members will receive a Notice of Assessment from William Roberts Lawyers that sets out:

1. information about their lot of land;
2. the gross amount of the Settlement Payments to be paid to them;
3. the total amount of Rateable Amount of Costs to be paid by them (less any payments made);
4. the total amount of the Applicant’s Reimbursement Payment they will need to pay; and
5. the balance of the Settlement Payments they will be receiving.

Under the SDS, Participating Group Members will have the opportunity to request a review of their Notice of Assessment if they do not agree with what is set out in that notice.

How do Participating Group Members pay their Rateable Amount of Costs and Applicants’ Reimbursement Payment?

If a Participating Group Member makes an election to receive the Settlement Payments, the amount of their Rateable Amount of Costs plus the $1,000 payment to the Applicants will be deducted from the Settlement Payments prior to those payments being paid to the Participating Group Member. In the instance that the Participating Group Member has already made a contribution to costs during the course of the proceedings, any balance of their Rateable Amount of Costs will be deducted from their Settlement Payments, as well as the Applicants’ Reimbursement Payment.

In the event that a Participating Group Member makes a Settlement Election to enter into a New Contract, on completing their Settlement Election form, they will be required to complete and provide the Applicants’ and Group Member’s Undertaking at Schedule 7 of the Notice of Proposed Settlement, in which they undertake to pay their Rateable Amount of Costs to William Roberts Lawyers. This Undertaking is due to William Roberts Lawyers on or before 10 July 2025. Pursuant to the terms of the SDS, Participating Group Members will be required to pay their Rateable Amount of Costs and the Applicants’ Reimbursement Payment to William Roberts Lawyers on or before 17 July 2025.

What do Participating Group Members need to do to make a valid Settlement Election?

To make a Settlement Election, Participating Group Members must duly complete and submit the following documents on or before 26 June 2025 (which is known as the ‘Election Date’):

1. The duly completed Notice of Rescission Form at Schedule 6 of the Notice of Proposed Settlement in one email to stephen.hathway@helmadvisory.com.au; amanda.johnstone@connorco.com.au; marcus.connor@connorco.com.au; clydesdale@tglaw.com.au and clydesdaleclassaction@williamroberts.com.au. This will have the effect of rescinding the Participating Group Members original contract with the Cyan Stone Parties and is a condition precedent to participating in the Settlement Election.
2. The duly completed Notice of Election Form at Schedule 5 of the Notice of Proposed Settlement in one email to clydesdale@tglaw.com.au and clydesdaleclassaction@williamroberts.com.au. In this email, Participating Group Members will need to:

   a. Indicate what Settlement Election option they choose;

   b. Attach a copy of their original executed contract of sale between them and the Cyan Stone Parties;

   c. Attach a copy of their duly completed and submitted Notice of Rescission Form; and

   d. Attach a copy of the email in which they submitted their duly completed Notice of Rescission Form.

3. For those Participating Group Members who make a Settlement Election to enter into a New Contract, the duly completed Applicants’ and Group Member’s Undertaking at Schedule 7 of the Notice of Proposed Settlement to William Roberts Lawyers by on or before 10 July 2025.

 

A copy of the blank Notice of Rescission Form, Notice of Election Form and Applicants’ and Group Member’s Undertaking can be accessed below.

Notice of Rescission Form

Notice of Election Form

Applicants’ and Group Members’ Undertaking

If a Participating Group Member does not submit the Notice of Election Form by 26 June 2025, the  Participating Group Member will be deemed to have made a Settlement Election to receive the Settlement Payments (subject to the following paragraph) and will no longer be able to make an election to purchase their property lot.

If a Participating Group Member does not submit the Notice of Election Form by 26 June 2025 and have not duly completed and submitted the Notice of Rescission Form and/or have not provided clydesdale@tglaw.com.au with a copy of their original executed contract of sale between them and the Cyan Stone Parties they may miss out on benefiting from the terms of the settlement entirely.

In providing William Roberts Lawyers with any of the above duly completed Forms, and/or their original contract of sale with the Cyan Stone Parties, Participating Group Members consent to William Roberts Lawyers providing those documents to stephen.hathway@helmadvisory.com.au; amanda.johnstone@connorco.com.au; marcus.connor@connorco.com.au; or clydesdale@tglaw.com.au.

Where can Participating Group Members obtain further information or copies of relevant documents?

Copies of the relevant Court documents relating to the Clydesdale Development at Marsden Park Class Action can be downloaded by way of clicking on the links below:

1.  Sealed Originating Application dated 27 August 2024
2. Sealed Interlocutory Application dated 28 August 2024
3. Sealed Amended Statement of Claim dated 19 December 2024

Alternatively, you are able to obtain further information or make arrangements to inspect any of the above listed documents:

• by calling our office on (02) 9552 2111;
• sending us an email at Clydesdaleclassaction@williamroberts.com.au;
• by visiting the Class Actions page of website of the Federal Court of Australia at the https://www.fedcourt.gov.au/law-and-practice/class-actions/class-actions; or
• by contacting the NSW District Registry of the Federal Court of Australia (contact details are available at fedcourt.gov.au).

We also invite you to check our website from time to time for updated further information, documents or important notices.