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Myer has been given until May 18 to settle a class action from shareholders.

The multimillion-dollar case concerns missed profit forecasts in 2015, where shareholders claim they lost money.

The action has been put forward by TPT Patrol, a trustee for the Amies Superannuation Fund.

It is alleged shareholders suffered loss and damage due to Myer's statements regarding its 2014 fiscal results.

This included providing profit guidance without a reasonable basis.

Myer and TPT Patrol will go into mediation, settle the case or go to trial.

A three-week hearing has been confirmed for August.

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