Update: Western Australia’s Class Action Reform Bill

By Ante Golem, Jonathan Tong and Libby Plajzer

In our Legal Briefing dated 26 August 2022 (Legal Briefing), we reported that the Civil Procedure (Representative Proceedings) Bill 2021 (Bill) was currently before the Legislative Council Western Australia for its second reading speech. On 31 August 2022, the Bill passed through the Legislative Council. Consequently, Western Australia will now become the fifth Australian state with a state-based legislative class action regime. Continue reading

Litigation funding as a MIS a “square peg in a round hole”

By Elizabeth Poulos

Court reverses earlier decision

The Full Federal Court has overturned its previous decision in Brookfield Multiplex Ltd v International Litigating Funding Pte Ltd [2009] FCAFC 147; (2009) 180 FCR 11 (Brookfield), finding in 2022 that a relevantly identical litigation funding arrangement to that in Brookfield did not, in fact, have the features of a “managed investment scheme” (MIS) for the purposes of the Corporations Act 2001 (Cth) (the Act). Continue reading

Re-opening of class closure in Federal class actions

By Jason Betts, Christine Tran, Aoife Xuereb, Brock Gunthorpe and Maddison Ives

In 2020, two decisions of the NSW Court of Appeal created considerable doubt on the availability of class closure orders in class actions filed in the Federal Court: see article here.

In February 2022, the Full Court was asked to clarify the position by addressing two reserved questions Continue reading

40% contingency fee awarded in Victoria

By Jason Betts, Christine Tran, Aoife Xuereb and Sam Bytheway

In August 2020, an open funded representative proceeding was filed on behalf of shareholders against four former directors of Arrium Limited and its auditor, KPMG. It is alleged that the defendants made misleading or deceptive statements in the published financial results as to the compliance with AASB standards and failed to disclose material impairments Continue reading

TAKING THE FLOOR: GOVERNMENT PROPOSES TO LEGISLATE A RECOVERY PRESUMPTION FOR FUNDED CLASS ACTION GROUP MEMBERS

On 30 September 2021, the Department of Treasury opened consultation on new laws which, if enacted in their proposed form, will introduce new hurdles for litigation funders intended to ensure fairer returns for group members in future funded class actions.

The reforms continue the Government’s recent legislative activity in the class action space, having made substantive amendments to continuous disclosure laws in August 2021 directed at shareholder class actions.

To read more, click here.

Jason Betts
Jason Betts
Partner, Global co-head of class actions, Sydney
+61 2 9225 5323
Christine Tran
Christine Tran
Partner, Sydney
+61 2 9225 5786
Brock Gunthorpe
Brock Gunthorpe
Senior Associate, Sydney
+61 2 9225 5989