Approved settlements in class actions since the regime was enacted are set to top $8 billion this year, according to a new report ranking the busiest litigation funders, which found most class action mega settlements were not funder backed.
The New South Wales government has rejected a class action’s claims that it dropped the ball in relation to the identification and management of underground utilities which caused delays in Sydney’s $3 billion light rail project.
One of the applicants in a settled shareholder class action against tech company Arasor has sued the funder that backed the case alleging it is owed $1.2 million in personal expenses accrued while serving as lead applicant on the case.
As the no win, no fee model comes out on top in another high profile class action beauty contest, legal experts say third-party litigation funders will need to evolve and “fight back” to stay competitive.