Australia's Medibank faces fourth class-action lawsuit over cyberattack

(Reuters) -     Australia’s Medibank Private Ltd said on Thursday it was facing a fourth shareholder class-action lawsuit over a cyberattack incident last year that exposed the personal data of 9.7 million current and former customers.

Earlier in the week, the country’s banking regulator told Medibank to set aside A$250 million ($165.30 million) in extra capital, something analysts believe will affect the firm’s ability to pay capital returns to shareholders.

The latest class action alleges the health insurer was involved in "misleading or deceptive conduct," and failed to comply with corporate law and ASX listing rules by not revealing information on its cyber security deficiencies.

The proceedings were filed by Sydney-based law firm Phi Finney McDonald on behalf of people who held interest in Medibank shares between Sept. 10, 2020 and Oct. 25, 2022.

The company intends to defend the proceedings, it said in a statement.  

($1 = 1.5124 Australian dollars)

(Reporting by Poonam Behura in Bengaluru; Editing by Anil D’Silva)