Pepperstone’s Major Shareholder Ordered to Pay Nearly A$100 Million in Contract Dispute

The largest shareholder of Australian CFD broker Pepperstone has been ordered by the Supreme Court of New South Wales to pay A$96.9 million (plus interest) to private equity firm Champ Private Equity (now CPE Capital) over a contractual dispute stemming from a 2018 buyout .

The case involves Lock's FX Group Holdings, which holds a 60% stake in Pepperstone and includes Chair Fiona Lock, CEO Tamas Szabo, and former director Andrew Defina . The dispute arose after Lock's FX borrowed A$150 million from Champ to acquire its shares. While the loan and interest—totaling A$211.6 million—were repaid early by 2022, Champ claimed an additional oral agreement entitled it to half of all profits exceeding A$25 million for four years post-repayment .

Champ argued that this profit-sharing clause was omitted from the final contract due to a drafting error. In September 2025, the court ruled in Champ's favor, with Justice Kelly Rees describing the alternative interpretation as "absurd" . Lock's FX has appealed the December ruling .

A Pepperstone spokesperson emphasized that the company is not a party to the litigation, stating it is "a contractual dispute between current and former shareholders" with no impact on operations or clients . Court documents show Lock's FX had already made a partial payment of over A$77 million in December .