The payment gateway company trading as Tyro Payments [on ASX as TYR] has settled a class action against them by merchants that believe loss and damages from a outage in 2021 were owed to them by TYR. 

Tyro announced on 17 February 2024 that it had reached a settlement with the plaintiffs after mediation.

Thousands of companies in Australia that use the payment gateway services lost card payment processing ability for client purchases during the outage.

Sydney firm Bannister Law lodged the class action in the Federal Court of Australia on behalf of the merchants alleging, among other things, that TYR “engaged in misleading and deceptive conduct, contravened certain statutory guarantees and breached certain contractual warranties”.

For litigation advice on matters stemming from commercial loss, contact Cogent Legal.