JB Hi-Fi Share Price Up Despite Class Action on Extended Warranties

2 min read | December 10, 2023 09:19 PM PST | By Team Kalkine Media

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JB Hi-Fi Share Price Up Despite Class Action on Extended Warranties — Image source: shutterstock

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The JB Hi-Fi Limited (ASX: JBH) share price has experienced a slight increase, despite the company facing a class action related to the sale of extended warranties. As of the current writing, JB Hi-Fi's shares are up nearly 0.5%, trading at $49.23. This development is notable within the context of ASX consumer stocks.

The retail giant confirmed receiving a writ and statement of claim from Maurice Blackburn Lawyers, filed in the Supreme Court of Victoria. The class action, brought under the Australian Consumer Law, alleges issues concerning the sale of extended warranties to consumers, seeking compensation for loss or damage, interest, and costs for the lead plaintiff and group members. Investors in ASX consumer stocks may closely monitor JB Hi-Fi's share price and the outcomes of this class action as it unfolds.

Maurice Blackburn Lawyers claims that the extended warranties offered by JB Hi-Fi had little to no value for customers, as the Australian Consumer Law already provides similar or better rights for faulty goods without the need for an extended warranty. The class action further alleges misleading or deceptive conduct and unconscionable conduct in the sale of extended warranties. Compensation is sought for individuals who purchased extended warranties from JB Hi-Fi between January 1, 2011, and December 8, 2023.

JB Hi-Fi refutes these allegations, emphasizing its commitment to legal compliance. The company asserts that it has always adhered to relevant laws and intends to vigorously defend against the class action. JB Hi-Fi will provide updates in line with its continuous disclosure obligations.

Despite these legal challenges, JB Hi-Fi's share price has experienced an 11% increase over the last 12 months.

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