A judge has approved a confidential settlement in a class action on behalf of 383 apartment owners in Sydney’s Opal Tower but slashed the amount sought by the funder.
The litigation funder bankrolling a class action on behalf of 383 apartment owners in Sydney’s troubled Opal Tower is seeking a 26 per cent commission totalling $13.2 million of the confidential settlement sum, a court has heard.
A $13 million commission sought by the funder that bankrolled the Opal Tower class action is stalling settlement approval, as debate continues over whether the funder can recoup the costs of after-the-event insurance from group members.
A judge has rejected a $225,000 personal costs order sought against a Sydney-based law firm by a homeowner in a beef with a builder, over what the homeowner claimed was a “woefully prepared” case in the NSW District Court.
Fired underwriter Greg Brereton has been granted an extension to respond to lawsuits targeting Insurance Australia Group over trade credit policies covering $4.6 billion in loans issued by collapsed Greensill Capital.
Although the settlement sum has not been disclosed, court documents in the Opal Tower class action reveal the litigation funder backing the case will seek $13.2 million in commission when the parties appear before the court later this year.
Mitry Lawyers has won a discovery bid against a former client suing the Sydney law firm for $225,000 over alleged “neglect and incompetence.”
A long-running class action over the Opal Tower disaster has settled, along with two related cases over the defective building, as a five-week trial was set to begin.
The structural engineer behind Sydney’s Opal Tower has taken builder Icon’s insurers to court, arguing they should cover its costs in a class action brought on behalf of residents of the ill-fated building and related litigation.
A group of banks that failed to prove steel giant Arrium falsified representations on loan drawdown notices ahead of its $2.8 billion collapse have been ordered to pay indemnity costs after a court found they rejected $10 million settlement offers three days into the trial.