The High Court has declined to review an appeals court decision that overturned a $106 million judgment against a unit of Indian conglomerate Adani Group over access charges for its Abbot Point coal terminal.
The federal government said Friday it would consider the implications of an appeals court’s finding that the managed investment scheme structure was unsuited to class actions, a ruling it said was a victory for ordinary Australians and a vindication for Labor.
In a significant victory for litigation funders, the Full Federal Court has found that funded class actions are not managed investment schemes subject to regulatory oversight, gutting the legal basis for reforms enacted by the Morrison government in 2020.
A litigation funder challenging a decision underpinning recently enacted rules that require class actions to be registered as managed investment schemes told an appeals court Wednesday the decision was plainly wrong and the regime unworkable.
The Full Federal Court has appointed a contradictor to “take up the cudgels” against funder Litigation Capital Management, which has challenged a judgment refusing to find that a class action filed against Queensland electricity operators was not a managed investment scheme.
Former legal representatives of companies in the Mayfair 101 group are considering an application to strike out part of an appeal that alleges their “flagrant incompetence” led to director James Mawhinney copping a 20-year ban on soliciting investor funds.
A Federal Court judge has taken a swipe at new regulations that require class action funding arrangements to be registered as managed investment schemes, saying it was difficult to reconcile the new rules with the class action regime.
A subsidiary of Indian conglomerate Adani Group has successfully overturned a $106 million judgment against it over access charges for its Abbot Point coal terminal.
The funder backing a class action accusing two energy generators of gaming Queensland’s energy prices wants the Full Court to find the landmark Brookfield Multiplex ruling, which held that a litigation funding arrangement for a class action was a managed investment scheme, was wrongly decided.
A court has ordered a subsidiary of Indian conglomerate Adani Group to pay more than $106 million to four coal mining companies after finding the mining company engaged in “dishonest behaviour” and misled the court.