Virgin Australia’s insurers may be dragged into a class action accusing the airline of failing to disclose its true financial position in a 2019 prospectus for a $324 million capital raising.
Digital giant Meta can access information on crypto tokens issued to fund a class action over Facebook’s ban on cryptocurrency ads, but the identities of those who have bought the tokens can be kept under wraps.
Facebook owner Meta wants to uncover the basis on which crypto tokens have been issued to bankroll a class action over its 2018 ban on cryptocurrency ads, citing the potentially conflicted interests of the self-represented lead applicant.
A judge weighing a $29.5 million settlement in a class action against recycling company Sims Limited has questioned the court’s power to vary the funding agreement between the applicant and funder, which seeks to pass on its insurance costs to group members as well as recoup costs and earn a commission.
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.
The applicant in an investor class action against Virgin Australia plans to appeal a judge’s decision requiring litigation funder Balance Legal Capital UK to give the airline an indemnity in order to bring the proceedings, saying the indemnity “substantially changes the risk calculus” for group members.
Westpac has criticized the lead applicant in a class action filed in the wake of AUSTRAC proceedings for the “disorderly” conduct of the lagging proceedings, with discovery yet to be finalized as the case nears its third anniversary.
A judge has ruled that a litigation funder for an investor class action against Virgin must give the airline an indemnity to bring proceedings despite finding a deed of company arrangement requiring the pay-out “didn’t make sense”.
Westpac and the lead applicant in a class action filed in the wake of AUSTRAC proceedings are still battling it out over discovery of evidence three years into the case. And the applicant claims the bank’s discovery protocol fails the new test set by the Full Federal Court earlier this year.
Law firms Shine Lawyers and Phi Finney McDonald have won a contest to jointly run a class action against embattled tech company Nuix, with rival Banton Group losing out on its “opaque” funding agreement.