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 victor remains to be crowned following a heated beauty parade between competing class actions against tech company Nuix, with two law firms facing criticism for their “cumbrous” consolidation proposal and a third firm copping flak for its “opaque” financials.
Two years after an insurance dispute scuttled a proposed settlement, group members in two class actions against sandalwood producer Quintis are set to receive $4.7 million in a settlement with the defunct company.
Recycling company Sims Limited will pay $29.5 million to settle a shareholder class action alleging earnings guidance for FY16 failed to account for the likely prospect of falling scrap metal prices.
A class action alleging the federal government contaminated Indigenous land with toxic firefighting foam has lost a challenge to a report by a scientist who declined to find that the foam could cause adverse health effects including immunosuppression and interfere with the efficacy of vaccines.
The litigation funder backing two combustible cladding class actions has sold a third of its investment in the cases to a player in the nascent secondary market for class action financing.
Ernst & Young has settled all claims against it in a shareholder class action alleging the Big Four accounting firm and Pitcher Partners signed off on an overly rosy year-end financial report that failed to disclose risks and impairments associated with the law firm’s disastrous $1.2 billion acquisition of UK insurance claims company Quindell.
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.
Two insurers have won an appeal that blocks group members in a class action against sandalwood producer Quintis from receiving a further $11.25 million after a settlement was reached almost two years ago.