Aveo Group

Last updated
Aveo Group
Type Private
IndustryRetirement, Aged Care
Founded1970
Key people
Tony Randello [Chief Executive Officer]
Natalie Patterson [Chief Operating Officer]
ProductsIndependent Living, Assisted Living, Freedom Aged Care and Respite Care.
Number of employees
2000 (November 2021)
Website www.aveo.com.au

Aveo Group is an Australian company, and a leading owner, operator and manager of over 90 retirement and aged care communities across Australia. The retirement communities are located in Queensland, New South Wales, SA, Victoria and Tasmania, and as of 2021, Aveo provides senior living choices for over 12,000 residents. Its head office is located in Sydney, with corporate offices in Brisbane and Melbourne.

In November 2019, shareholders approved a $1.3 billion takeover offer by Brookfield Asset Management [1] [2] and Aveo was delisted from the ASX. [3]

Brisbane's first integrated retirement living community, Aveo Newstead, won the Nettletontribe Award for Design Award at the 2018 Property Council's Retirement Living Awards. [4]

In 2017, a class action was lodged against Aveo alleging its resident contracts involved unconscionable and misleading conduct. [5] The class action attracted publicity when the lead lawyer, Stewart Levitt, was accused of misleading the residents [6] [7] and the law firm running the class action, Levitt Robinson, was ordered to remove their ads promoting the class action. [8] It was the first-ever case where a Contradictor (similar to an Intervenor) [9] was appointed as an amicus over an opt-out notice. [10] The barrister appointed as Contradictor advised clients not to join the class action. [11]

Aveo vigorously fought the allegations. [12] [13] The matter was settled in March 2023 with Aveo agreeing to a payment of $11 million, without making any admission of liability. Levitt Robinson released a statement withdrawing the case and acknowledging that "the introduction and implementation by Aveo and its related entities of Aveo Way contracts were lawful, in accordance with industry standards" and expressing "regret for any distress or anxiety which Aveo residents and staff have experienced as a result of or incidental to the Aveo class action litigation." [14] Federal Court Justice Bernard Murphy subsequently described their handling of the case as "seriously derelict" and "beggaring belief", ruling that Levitt Robinson failed to act "with the efficiency and care [that] was legally required" and that this prevented an earlier settlement being reached. [15] Murphy reduced the fees Levitt Robinson could retrieve from the settlement by $2.5 million, and commented that "the unfortunate reality [for the plaintiffs] is that their case was weak and always likely to fail." [15]

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References

  1. ↑ Bleby, Michael (14 August 2019). "Aveo acceptr $1.3b Brookfield bid". Australian Financial Review . Retrieved 23 December 2023.
  2. ↑ Bleby, Michael (6 November 2019). "Brookfield takeover of Aveo proceeds to court approval". Australian Financial Review . Retrieved 9 December 2020.
  3. ↑ Johanson, Simon (6 November 2019). "Aveo set to exit ASX after investors endorse $1.27b Brookfield bid". The Sydney Morning Herald . Retrieved 9 December 2020.
  4. ↑ "National Retirement Living Awards 2018". www.propertycouncil.com.au. 30 November 2018. Retrieved 9 December 2020.
  5. ↑ Lenaghan, Nick (13 September 2017). "Levitt Robinson lodges Class action against Aveo". Australian Financial Review . Retrieved 14 November 2022.
  6. ↑ "Fresh calls for scrutiny over Stewart Levitt's practicing certificate". Levitt Robinson Classless Actions. 7 July 2022. Archived from the original on 14 November 2022. Retrieved 14 November 2022.
  7. ↑ "Levitt's "false and misleading statements" that bullied the elderly". Levitt Robinson Classless Actions. 16 October 2022. Archived from the original on 14 November 2022. Retrieved 14 November 2022.
  8. ↑ Bolza, Miklos (23 July 2021). "Law firm Levitt Robinson agrees to take down Google ads for Aveo class action". Lawyerly. Retrieved 14 November 2022.
  9. ↑ Levine, Eugenia; Nikolic, Julia (31 August 2022). "The Role of Contradictors in Class Action Litigation" (PDF). barristers.com.au. List A Barristers Pty Ltd. Retrieved 2 January 2024.
  10. ↑ Cameronne, Cindy (2 June 2022). "Aveo class action judge appoints first-ever amicus in fight over opt-out notice". Lawyerly. Retrieved 14 November 2022.
  11. ↑ "Barrister advises Levitt Robinson victims to flee sinking ship". Levitt Robinson Classless Actions. 21 August 2022. Archived from the original on 14 November 2022. Retrieved 14 November 2022.
  12. ↑ Caulfield, Christine (1 June 2022). "Aveo slams 'extraordinary' and 'unprecedented' funding order in class action". Lawyerly. Retrieved 14 November 2022.
  13. ↑ Lenaghan, Nick (24 November 2017). "Aveo hits back: defends resident contracts in class action case". Australian Financial Review . Retrieved 14 November 2022.
  14. ↑ Croft, Lauren (28 March 2023). "6-year class action withdrawn, $11m settlement reached". Lawyers Weekly. Momentum Media. Retrieved 2 January 2024.
  15. 1 2 Wootton, Hannah (29 December 2023). "Judge slams law firm for class action it should've known would fail". Australian Financial Review . Retrieved 2 January 2024.
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